Bitcoin (BTC) Price Analysis November 23: Key Support Holds, What are the Key Levels?

According to the November 23 Bitcoin analysis; Bitcoin continues to decline. BTC, which retested the $55,500 support zone in the early hours of the day, is now trying to recover. According to technical analysis by NewsBTC’s Aaayush Jindal, it could face strong selling interest around $57,500.

Bitcoin at Risk

Bitcoin started a new bearish wave below the $58,500 and $57,500 support levels. The decline accelerated below the $56,500 level and the price retested the $55,500 support zone. A bottom was formed near $55,633 and the price is now correcting losses. There is also a major bearish trend line forming with resistance near $58,000 on the hourly chart of the BTC/USD pair.

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Immediate support is near the $56,500 level. The first major support is currently formed near the $55,500 level. A downside break below the $55,500 level could open up more losses. In the stated case, the price could decline towards the $55,000 level. Any more losses could lead the price towards the $52,000 support zone in the near term.

56,500 Level Matters

According to Jindal, if Bitcoin stays above the $56,500 support, it could attempt a fresh recovery. An initial resistance on the upside is near the $57,200 level. The first key resistance is near the $57,500 level. This is close to the 50% Fib retracement level of the downside move from the $59,411 low to $55,633 low. The next major resistance is near the $58,000 level and the 100 hourly simple moving average. Above this, the price could rally to the $60,000 level.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD is slowly moving into the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level.
  • Major Support Levels – $56,500 followed by $55,500
  • Major Resistance Levels – $57,500, $58,000, and $60,000

Note: You have come to the end of the November 23 Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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