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Bitcoin Price Analysis Nov.11: Support holds, still dangerous

As mentioned on our previous price analysis, Bitcoin was facing the significant $6500 – $6530 resistance area. It has failed to break it, what lead a correction down with a current low at $6307 (Bitstamp), getting support on the ascending trend-line.

Despite the fact that Bitcoin was looking positive, so far, it has failed to create a higher low around $6500. As long as it won’t occur, my point of view on the market will be bearish.

Now what?

  • The populated-zone of resistance (including the three moving average lines – 50, 100 and 200 days MA) have become support-turned resistance. Since it’s low 48 hours ago, Bitcoin had been consolidating around the moving average lines and testing them as a resistance.
  • The next major support level lies at $6250. This is a key level. Below – support levels at $6100 and $6000.
  • From the bull side, I would look for breaking up the $6400, in order to re-test the $6500 – $6530 area again. The next major resistance levels lie at $6650 and $6800 (important level form the weekly chart).
  • BitFinex has now 20.5K BTC open short positions. The number had reduced a bit since the last update.

BTC/USD BitStamp 4 Hours chart

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

The post Bitcoin Price Analysis Nov.11: Support holds, still dangerous appeared first on CryptoPotato.

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Author: Yuval Gov
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