Bitcoin Price Analysis: Tim Draper Says BTC to $250,000 by 2022

BTC/USD Medium-term Trend: Ranging

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

Yesterday, November 5, the price of Bitcoin was in a sideways trend. The digital currency has remained above the $6,400 price level in the last three days. On November 3, the digital currency has previously fallen to the $6,300 price level and it commenced a bullish movement to the $6,400 price level.

The crypto's price is fluctuating above the $6,400 price level because the buyers and the sellers are undecided about where price will go. Meanwhile, the BTC price is above the 12-day EMA and the 26-day EMA indicating that price is in the bullish trend zone. Price is likely to face resistance at the $6,600 price level. The MACD line and the signal line are above the zero line which indicates a buy signal.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. The price bars and the exponential moving averages are trending horizontally.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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