Bitcoin Price Analysis: Buy BTC on Pull Backs with First Target at $8,500

BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $6,300, $6,200, $6,100

Yesterday, November 1, the price of Bitcoin was in a sideways trend. The crypto's price was fluctuating above the $6,300 price level while in a bearish trend zone . The digital currency was expected to fall to the low of $6,200 . Today, the BTC price is out of the bearish trend zone and it is in a bullish trend. The digital currency is approaching the $6,400 price level but will face resistance at the $6,600 price level.

If price breaks the $6,600 price level, Bitcoin will resume its uptrend. Traders should initiate long trades at the current price in anticipation of a bullish trend. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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