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

BTC/USD Long-term Trend: Ranging

Resistance levels: $7,200, $7,400, $7,600
Support levels: $6,400, $6,200, $6,000

The overall trend of Bitcoin was a sideways trend in the month of October. The digital currency was either ranging above the $6,500 or ranging above the $6,400 price level. The bulls and the bears are undecided about where price will go. The price action shows the indecisive candlesticks which include Dojis and spinning tops about the indecision of buyers and sellers.

In the first week of November, the price fell and was ranging above the $6,300 price level. Presently, the BTC price is currently trading at $6,417 as at the time of writing. Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.

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

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