- Bitcoin price prediction expects a re-test $14500.
- BTC price drops a few stones to $13500 range.
- Strong support found lost in the $13800 range likely to return.
The Bitcoin price prediction by Atlas Trades depicts an uptrend for the cryptocurrency towards the $14500 resistance. The price was held above the $13680 mark through most of the day’s trade.
1-Day Bitcoin price analysis
The cryptocurrency king was priced at $13525.25 at the time of writing. The coin fell below the $13480 mark just before closing on the 2nd of November.
What to expect from the BTC price?
The Trading View analyst Atlas Trades has sketched an ascending channel on the chart below, and the analyst believes that Bitcoin BTC will trend towards the top of the channel.
The Relative Strength Index (RSI) has observed a bullish divergence on the chart above, where it rose from 28.77 to 54.55. This means that the RSI indicator is still in the neutral region.
The analyst believes that the cryptocurrency will gradually trend upwards in the long channel, though it has moved to the bottom of the up-channel on the 1st of November. The cryptocurrency may bounce off from here and resume the uptrend. The target price for this trade lies near the $14500 mark.
Bitcoin price prediction: Rise towards $14500 ahead?
The cryptocurrency tread above the support at $13200 on the 27th of November and the price entered the $13200 to $14500 range. The cryptocurrency king has been traded below the midline of the range.
The resistance lies at the top of the setup, near the $14500 mark. The analyst believes that Bitcoin will move into a long trade setup and move towards the $14500 resistance. The cryptocurrency has been testing the midline for the past week, and the price observed a pullback on the 1st of November. Currently, the BTC price has fallen towards the $13500 mark.
What’s next for Bitcoin?
Vince Prince’s chart shows a huge channel formation by the BTCUSD pair on the 6h time frame. The analyst believes that the cryptocurrency will hit a resistance cluster, which will then cause the price to fall bearish.
Looking at the chart above, there is an ascending resistance line that cuts through the ascending channel formation. The price has tested the ascending resistance at multiple points with no success, and now it has seen another pullback towards the bottom of the channel.
The cryptocurrency is supported by the Exponential Moving Average marked in red, and the price is expected to move sideways until it retests the ascending trendline at the point with the midline of the channel intersects it. The multiple resistances will form a cluster and the price will not be able to break towards the upside. Instead, Bitcoin will see rejection and fall bearish towards the $13700 mark, which is where the target price of this trade lies. This point of price reversal will be a possible short-entry for the cryptocurrency.
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.