According to the November 24 Bitcoin analysis; Although Bitcoin continues its attempts to recover, it could drop below $55,000 in the short term, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Faces Barriers
Bitcoin attempted another breakout above the $58,000 resistance zone, but failed to gain strength for a clear move above this level. A local top was formed near $57,850 and the price started a fresh decline. There was a break below the $57,500 and $57,200 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $55,362 low to $57,850 high.
Bitcoin is currently trading around $56,600. There is also a key bearish trend line forming with resistance near $57,300 on the hourly chart of the BTC/USD pair. Immediate support is near the $56,300 level. This is close to the 61.8% Fib retracement level of the upward move from the $55,362 high to $57,850 high. The first major support is currently formed near the $56,000 level. The main breakout support is still near the $55,500 level.
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55,500 An Important Level
A downside break below the $55,500 level could lead to more losses. In the stated case, the price may even drop below the $55,000 level. The next major support could be near the $53,200 level.
Will Bitcoin Rise?
According to Jindal, if Bitcoin stays above the $55,500 support, it could try a new recovery wave. An initial resistance on the upside is near the $57,000 level. The first key resistance is near the $57,500 level and the trendline zone. The next major resistance is near the $57,850 level and the 100 hourly simple moving average. Above this, the price could rally towards the $59,200 level.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is now gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
- Major Support Levels – $56,000 followed by $55,500
- Major Resistance Levels – $57,200, 57,500 and $58,000
Note: You have come to the end of the November 24 Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.