Bitcoin Price Technical Analysis (BTC/USD) Thursday, November 29, 2018

During today’s session, the price of Bitcoin reports a recovery of 1.22%, raising the value above $4250, an important recovery although there is a high probability of a new correction in the price.

Bitcoin touched the $ 3700 before starting a slight recovery, now we must check if the price is able to break the resistance in the $ 5000 which is a psychological point of the market.

Keep in mind that Bitcoin is still likely to return to play the support of $ 3000.

Key Highlights

  • Bitcoin recovers over $ 4250
  • Buyer session at the head
  • Important resistance of the $ 5000 earring

By analyzing the BTC / USD chart in a one-day period we can see how the buying force has taken the session during the first hours of the day. It should also be mentioned that, the purchase level is not as strong compared to the sales seen previously.

The moving averages EMA 9/26 begin to move towards a recovery area, on the other hand the RSI rises above 33% which is positive taking into account that the purchase volume is acceptable.

I think that Bitcoin will reach $ 4700 before experiencing a new correction, the current situation of the value of BTC opens doors for those who make trading with profit taking in the $ 4700 although you must be aware that a market decline can happen at any time.

BTC/USD time frame 1 day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 33%
  • $ 4000 support
  • $ 5000 resistance

 

Disclaimer

This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.