Published: 2018-11-23 05:46:45
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BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000Support levels: $4,200, $4,100, $4,000

Yesterday, November 22, the price of Bitcoin was in a sideways trend. The digital currency is still in its range bound movement. A bullish candlestick tested the 12-day EMA but could not break through. A bearish candlestick tested the 12-day EMA and was resisted and price fell again. The bears have succeeded to break the $4,500 price level.

The price of Bitcoin is likely to find support at $4,000 price level. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal. Traders should exit their long trades until the  bearish pressure is exhausted.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the price of Bitcoin is in a sideways trend. On November 22, a bearish candlestick was resisted by the 12-day EMA and the $4,500 price level was broken to the downside . Meanwhile, the price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell 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 23 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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