Bitcoin dropped to a low of $5,555 (weekly fall of 22%) on Sunday after SegWit2x cancellation. Here is the 13-19 November Technical Bitcoin Prediction.
13 November, AtoZForex – In the past 1 Week the Bitcoin prices dropped by $ -933.28 (-12.75%) with a total volume of over $ 8.40B. The BTCUSD price hiked up to $ 7,869.10, was on Wednesday, 08 November 2017. Today, the Bitcoin is trading at $6,351.08 with the daily high and low of $6,351.08 and %5,823.87 respectively.
Also, the main reason for the sharp decline was the cancellation of SegWit2X which was earlier scheduled on 16th November. What's next for BTCUSD for this week?
13-19 November Technical Bitcoin Prediction
Bitcoin investors have started to cover their short positions, suggesting selling pressure may be decreasing after concern over the cryptocurrency’s future wiped out to $38B in the past week. Furthermore, the surprise decision of 7th November to cancel a technology upgrade promoted the buyers to switch from Bitcoin to it's rival Bitcoin cash.
According to technical charts, BTCUSD is in the bearish trend, so, the traders should wait for the bitcoin to gain some momentum again. Also, the 100 SMA line above 200 SMA means the path of least resistance is the upside.
But according to Fibonacci retracement, the Bitcoin is trading below the golden ratio zone which means a considerable decline or sharp correction might possible. Investors should wait for the further revision. I see a buying opportunity at $6,450- $7000 level this week.
Moreover, if the Bitcoin face difficulty to sustain at this level than the sellers may overcome the market and a sharp decline towards $5600- $5500 might be seen.
The relative strength index(14) value is 50.322 which means neutral.
The STOCHRSI(14) suggests that BTCUSD is oversold in past few days.
The MACD(12,26) value is 1109 – buying signal in weekly charts.
Moreover, according to ATR(14), the BTCUSD pair is highly volatile.
The Bitcoin has weekly major support near $5,680 level and resistance at $7,400 level.
BTCUSD Weekly Pivot Points
What's your opinion on the 13-19 November Technical Bitcoin Prediction? Let us know in the comment section below.