Published: 2018-11-02 05:22:19
Bitcoin Price Analysis: Buy BTC on Pull Backs with First Target at $8,500

BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $6,900, $7,000Support levels: $6,300, $6,200, $6,100

Yesterday, November 1, the price of Bitcoin was in a sideways trend. The crypto’s price was fluctuating above the $6,300 price level while in a bearish trend zone . The digital currency was expected to fall to the low of $6,200 . Today, the BTC price is out of the bearish trend zone and it is in a bullish trend. The digital currency is approaching the $6,400 price level but will face resistance at the $6,600 price level.

If price breaks the $6,600 price level, Bitcoin will resume its uptrend. Traders should initiate long trades at the current price in anticipation of a bullish trend. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

The views and opinions expressed in the article Bitcoin (BTC) Daily Price Forecast – November 2 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.

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