Bitcoin Technical Analysis : BTC/USD 16 November 2021

16 November 2021 Analysis (Forex, CFDs, Cryptocurrency)Bitcoin (BTC)BTC/USD (Bitcoin)

Bitcoin Technical Analysis : BTC/USD 16 November 2021

Bitcoin Technical Analysis : BTCUSD

Date : 16 November 2021

Pivot point : 62110

Our preference : the downside prevails as long as 62110 is resistance.

Alternative scenario : the upside breakout of 62110, would call for 63910 and 64980.

Comment : the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 62162 and 63891).

Supports and resistances :

64980 **
63910 *
62110
60634 – Last price
58260
57200 *
56130 **

Warning : This information isn’t a buy-sell signal.

Source : Trading Central

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