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Bitcoin Price Prediction for Today, November 7: BTC/USD Risks Fresh Drop Below $20,500 Support

Bitcoin Price Prediction for Today, November 7: BTC/USD Risks Fresh Drop Below $20,500 Support
Bitcoin Price Prediction for Today, November 7: BTC/USD Risks Fresh Drop Below $20,500 Support

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The Bitcoin price prediction reveals that BTC is yet to gain strength above the channel as the coin shows a few bearish signs.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $20,698
  • Bitcoin market cap – $397.4 billion
  • Bitcoin circulating supply – 19.2 million
  • Bitcoin total supply – 19.2 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $24,000, $25,000, $26,000

Support Levels: $18,000, $17,000, $16,000

After another failure to clear the $21,000 resistance, BTC/USD heads toward the 9-day and 21-day moving averages. The Bitcoin price could begin another decline if bulls failed to push it above the upper boundary of the channel. At the opening of today’s trading; the touches the resistance level of $21,069 before heading to the south but any further bearish movement could bring the coin to the bearish zone.

BTC Price Prediction: Would Bitcoin (BTC) Head to the Downside?

As the Bitcoin price hovers above the moving averages, sliding toward the lower boundary of the channel could show bearish signs below the $20,000 level. More so, if there are more losses, the market price could break the major supports at $18,000, $17,000, and $16,000. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below the 60-level to confirm the bearish movement.

On the other hand, if the king coin crosses above the upper boundary of the channel; it could begin a bullish movement. Moreover, the main resistance could be located around the $21,000 level and a clear break above this level may push the price toward the resistance levels of $24,000, $25,000, and $26,000.

BTC/USD Medium-term Trend: Ranging (4H Chart)

According to the 4-hour chart, the coin may gain the lost momentum to hit the trade above $21,000, but at the moment, the volatility still hovers, and the selling pressure exists, and this could lead the coin not to be able to cross above the 9-day and 21-day moving averages. Meanwhile, the $19,500 and below may come into play if BTC breaks below the lower boundary of the channel.

BTCUSD – 4-Hour Chart

However, if the Bitcoin price can reinforce and power the market, traders can expect a retest at the $21,000 resistance level, breaking this level may further allow the bulls to reach the resistance level of $22,000 and above. The Relative Strength Index (14) is seen above 40-level which shows that more bearish signals may continue to play out.

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The Impact project aims to change the way carbon credits are been manage, it is currently acting as a crossroads between the ESG industry and the world of cryptocurrencies. Meanwhile, the IMPT presale is underway with over $12 million raised in just a few weeks.

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