Bitcoin (BTC) Price Could Reach as Low as $2,500 Says Reputable Crypto Trader Stephen Innes

BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,800, $3,600, $3,400

Yesterday, November 27, the price of Bitcoin was in a sideways trend. On November 26, the crypto’s price was resisted by the 12-day EMA and it fell to the low of $3,835; commenced a range bound movement up till the following day. On November 27, the crypto’s price tested the 12-day EMA and broke it. Also,the crypto’s price has broken the 26-day EMA to the upside.

If the crypto’s price breaks the 12-day EMA, the 26-day EMA and remains above it, the price will be in the bullish trend zone.  Meanwhile, the crypto's price is above the 12-day EMA and the 26-day EMA indicating that price is in the bullish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the price of Bitcoin was in a sideways trend. The digital currency fell to the low of $3,762.50 and commenced a range bound movement. The crypto’s price has broken the 12-day EMA and the 26-day EMA and remained above it. The price of Bitcoin will resume its uptrend if the price remains above the EMAs.
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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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