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Bitcoin (BTC) Price Prediction – November 4
Bitcoin price is trading nicely above the $9,000 and the coin must climb above the $9,500 resistance to continue higher.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Supply Levels: $10,100, $10,300, $10,500
Demand Levels: $8,300, $8,100, $7,900
Bitcoin price started the day with a downside movement. Later, the market started improving, although many coins started moving downwards as well. BTC/USD price also reflected a similar movement as the coin improve in price movement at the moment. Within the first few days of the second month of the last quarter, BTC/USD has moved up from $8,900 to $9,100 and now $9,200.
More so, BTC/USD is struggling to climb higher above the $9,300 and $9,400 resistances as the pair is settling in a tight range between $9,000 and $9,300 around the 9-day moving average. In addition, the weekend session that just ended saw Bitcoin and other major cryptos exchanged on a sour tone. Ethereum and Ripple are also trading in the range above $178 and $0.285 respectively.
Moreover, if the market decides to go down, Bitcoin’s price may drop to $8,700 and should this demand fails to contain sell-off, we may see a further drop to $8,300, $8,100 and potentially $7,900. The supply levels to watch are $10,100, $10,300 and $10,500 respectively. Meanwhile, RSI (14) has continued to trend in the same direction since October 30 with an indication of indecisive in the market.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the chart, BTC/USD is clearly facing a lot of supplies near the $9,300 and $9,400 level. A successful close above the $9,400 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $9,200 demand. If there is a downward move, initial demand is near the $9,100 level and the main demand is near the $8,900 level, below which there is a risk of another decline towards $8,700.
Furthermore, if there are more gains, the $9,300 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $9,300 supply, the next stop for the bulls may perhaps be near the $9,400, $9,600 and $9,800 supply levels as the stochastic RSI moves above 40-level, which indicates that a bullish trend may come into play.
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