TL;DR Breakdown
- Bitcoin price currently at $17,600.
- Buyers fight back as price action turns bullish on the short-term charts.
- Price is expected to cross $18,000 with hope to reach new all-time high in the coming days.
Bitcoin Price Prediction: Today’s price overview.
Bitcoin price opened at $17790.18 with a slight bearish momentum that dominated the price movement throughout the day. Despite the bulls trying to fight back, the trend remained bearish, with the price declining below the day’s opening price. BTC price is currently trading at $17,600, showing a 1.75 percent decline from the day’s opening price.
Bitcoin price overview over the last 24 hours.
Bitcoin price opened with slight bearish momentum, with the bears dominating the price movement. However, the bulls found support at $17,600, and momentum kicked in. The bears’ dominance was erased with the price action turning highly bullish. The bulls ascended above $18,000 but failed to continue the momentum as the price immediately declined. Since then, the buyers have tried several times but failed to stop the bearish movement.
On the technical indicators, the MACD 4C started the day in the bearish territory with declined bearish momentum. Following the bullish reversal, the indicator signaled strong bullish momentum till 02:30 UTC before showing bearish resistance. Currently, the MACD is bearish but indicates a potential turnover.
The buyers seem to have found strong support at $17,400, which might enable the bulls to initiate a rally; however, the MACD is still bearish. The next 60-90 minutes would determine the price movement across the short-term charts.
Bitcoin price 1-hour chart
The above chart shows the price movement of BTC USD between the hours 08:00 and 09:00 UTC.
BTC price started the hour at $17,669 with slight bullish momentum that died soon with the buyers meeting rejection at $17,700. The price declined sharply, but the buyers defended the support level at $17,400. Despite attempting a bullish turnover, the buyers failed to cross $17,700, and the price action remained stagnant. The price again declined to support level with the bulls trying to charge again.
On the technical indicators, the RSI has been leaning to the oversold territory, which is bullish for the price movement. However, the buyers have failed to gain enough momentum to cross the resistance level. Meanwhile, the MACD 4C has remained bearish throughout the hour multiple attempts at a bullish turnover.
Trades can expect the price to continue moving between $17,400 and $17,700 for the next few hours.
BTC USD November chart
Bitcoin price started in November at $13,803, continuing the bullish momentum of September. However, unlike September, the price movement was sharper in November, with the price ascending a steep gradient. Despite the buyers remaining firmly in control of the price action, the trend is yet to break out of the ascending channel depicted in the picture below. However, on the other hand, the bears have also failed to breach the channel’s support despite three attempts.
Across the technical indicators, the MACD 4C has remained bullish throughout the month despite numerous attempts at a turnover. The indicator is currently bullish but shows a price correction. The RSI started the month below overbought but flashed overbought conditions on 6 November. However, the price action remained bullish after a healthy correction.
With the MACD showing a high bullish presence and the RSI returning to a healthy region, the price movement shows potential for upwards movement. Traders can expect the price to cross $18,000 by tomorrow with room for challenging $19,000 level by 23 November.
The recent bull rally is fueled by institutional investors, which means that buyers would not panic at the first sign of a turnover. If buyers continue to defend support levels on the short-term charts, the price movement may reach a new all-time high for Bitcoin.
