BTC/USD Lacks Buyers at Higher Price Levels as Bitcoin Faces Strong Rejection

BTC/USD Is Not Able To Sustain Above $60k as Bitcoin Deals With Strong Rejection- November 26, 2021

On November 25, BTC/USD rallied to $60,000 resistance zone as Bitcoin deals with strong rejection. BTC rate rallied to the high of $59,200 as rate reached the overbought area. Currently, the BTC rate is backtracking from the current high. Bitcoin is backtracking due to the fact that the marketplace reached an overbought area. The cryptocurrency is most likely to resume up if rate discovers assistance above the moving averages.

Resistance Levels: $70,000, $75,000, $80,000
Assistance Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

The other day, Bitcoin rallied near the $60,000 mental rate level however was driven away. BTC rate traded and reached the high of $59,200. Likewise, on November 20 and 21, purchasers pressed BTC rate to the $60,000 resistance however the marketplace dropped greatly to $56,650 low. Today, BTC rate is backtracking on the drawback. If rate backtracks above the $58,000 assistance and rebounds, the $60,000 resistance will be breached. Bitcoin will run out down correction. BTC rate will be up to the range-bound zone if the bulls stop working to protect the $58,000 assistance. In previous rate action, Bitcoin has actually been range-bound in between $56,000 and $58,400 rate levels.

Bitcoin (BTC) Indication Checking Out

Bitcoin has actually been up to level 44 of the Relative Strength Index for duration 14. The king coin is selling the drop zone and efficient in falling on the drawback. It is likewise listed below the centerline 50. BTC rate is above the 80% location of the everyday Stochastic. The stochastic bands are sloping down suggesting that Bitcoin is backtracking on the drawback. The cryptocurrency rate bars are listed below the 21-day line and the 50-day line moving averages suggesting that Bitcoin remains in a down relocation.

 Bitcoin (BTC) Price Prediction: BTC/USD Lacks Buyers at Higher Price Levels as Bitcoin Faces Strong Rejection
BTC/USD – 4 Hour Chart

On The Other Hand, the BTC rate is backtracking after its rejection from the high of $59,200 as Bitcoin deals with strong rejection. There is a possibility of Bitcoin being up to the range-bound zone. Purchasers are dealing with strong rejection at the $60,000 resistance zone. On the benefit, purchasers need to break above the moving averages and clear the $60,000 resistance level to resume up trending.

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