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Bitcoin price prediction: BTC in reverse head and shoulder at $59,184

Bitcoin price prediction BTC in reverse head and shoulder at

TL;DR Breakdown

  • Bitcoin price prediction expects a rise in price.
  • Strongest support currently lies at $57,489.
  • Strongest resistance currently lies at $59,869.

Bitcoin price prediction analysis reveals that the king of cryptocurrency is ready to hike the price after completing the second reverse head and shoulder pattern in the past five days. The first reverse head and shoulder pattern was completed on the 19th of November 2021, and the price went as high as $58,337.

The second reverse head and shoulder pattern was completed on the 20th of November 2021, but the reminiscence extends well into the 21st of November price movement.

BTC/USD 4-hour Price Chart: Market is losing volatility

Bitcoin price prediction is that the Bollinger’s band shows that the volatility has decreased in the past few days with the king of cryptocurrency reigning supreme in the cryptocurrency industry. The lower limit of the Bollinger’s band resting at $56,104 is the support, and the upper limit at $60,319 is the resistance. The BTC/USD price crosses over the moving average curve, which shows a positive incline in the chart indicating a bullish movement.

Bitcoin price prediction: BTC in reverse head and shoulder at $59,184 1
BTC/USD 4-hour price analysis chart source: Trading View

Bitcoin price analysis: Bitcoin shows healthy movement

The Bitcoin price prediction of the 1-day price chart analysis shows that the volatility of the cryptocurrency market definitely appears to be increasing. The upper limit of the Bollinger’s Band rests at $68,091 being the resistance, while the lower limit of the Bollinger’s Band rests at $56,944, being the support. We noticed that the price crosses over the curve by analyzing the moving average in the Bitcoin price analysis, which indicates a bullish market.

The Relative Strength Index (RSI) score is resting at 45.74, which clearly indicates that the assets are on neither side of the extremes but are resting in the middle, giving no signal. This shows a steady amount of bulls buying the assets. This means that the cryptocurrency royalty, Bitcoin, is selling at an unfaltering degree. The increasing volatility indicates that the price of the assets is prone to change in either direction; it could skyrocket or plummet entirely.

Bitcoin price prediction: BTC in reverse head and shoulder at $59,184 2
BTC/USD 1-day price analysis chart source: Trading View

The chart shows the Relative Strength Index (RSI) at 52, meaning that it is neither overbought nor undervalued; it indicates no signal. Hence, cryptocurrency royalty has yet again proven to be unbeatable in the market. The decreasing volatility indicates that the market price of the assets is less prone to change or spread, which means that the price will remain somewhat unvarying.

Bitcoin price analysis: Conclusion

The Bitcoin price prediction concludes that we have observed the current behavior of the reigning king of cryptocurrency is following a relatively bullish trend, with tiring away at the $70,000 mark. The chart analysis shows that with the steady bullish momentum, it is predicted that the king will soon enter the $70,000 mark range, but if the current support fluctuates, we may see a decline in the prices as far as $60,000.

We have observed that the current stable resistance lies between $60,000 to $68,000. This means that the bulls are coming in very strong and are controlling the market; the bears need to step up their game if they hope to bring a decline in the price of the assets and capture the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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