Bitcoin (BTC) Price Prediction – November 1
The price of Bitcoin rises for the third straight bullish day as the technical indicator on the daily chart continues to move above the 75-level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $14,700, $14,900, $15,100
Support Levels: $13,800, $13,600, $13,400
BTC/USD is seen pushing the market price above the potential resistance level as the coin keeps moving above $13,800 to trade at $13,825 at the time of writing. The number-one crypto is moving with strong bullish momentum after a sustainable break above an important technical level.
Where is BTC Price Going Next?
Looking at the daily chart, the technical indicator RSI (14) is floating in the overbought region for the 10th straight day. Additionally, the price seems to have reached the upper limit of the linear regression channel coming from early October, suggesting that BTC/USD could retreat toward $13,600, before attempting to break higher.
Nevertheless, the 9-day and 21-day moving averages continue to edge higher, showing no significant bearish pressure for the time being. On the upside, $14,000 aligns as the initial resistance. A daily close above that level could lift the price to $14,700, $14,900, and $15,100. On the other hand, Bitcoin could retreat toward the moving averages, currently located at $13,500. More so, if it breaks below $13,300, the critical supports are be located at $13,100, $12,900, and $12,700 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, BTC/USD is currently in the ascending range of the medium-term outlook as the target market is keeping the support levels of $13,500, $13,300, and $13,100. But the Bitcoin market is gaining momentum with the support of a 9-day moving average as the buyers keep the position intact.
Looking at the RSI (14) indicator, it shows that BTC price may continue to move sideways before a rebound could take place. Immediately after the market rebounds, the buyers may hit the resistance level of $14,200, $14,000, and $13,800.