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Bitcoin Charts Analysis: Price to Hang between 350 and 365

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Bitcoin Charts Analysis: Price to Hang between 350 and 365

ForexMinute.com – After rallying from 320 to 453 at the start of this month, the Bitcoin price retreated last week to the month’s low at 351, after breaking through a number of key supporting levels. However there were some near-term bullish corrections during the 11/21 and 11/22 trading sessions, where price surged from 350 to 365 amidst a moderate buying pressure around the bottom. As Bitcoin market enters another week of possible bearish rallies, we try to predict its future movements on two near time intervals.

BTC/USD 1-H Chart

As you can see the chart above, the Bitcoin price is still above the 5-, 20- and 50-SMA while the RSI is somewhere around 52-55, indicating a neutral-bearish sentiment in the market. The reason is the strong selling pressure around the resistance level of 365 which lies somewhere near the buying threshold. In this case, either the price is poised to consolidate sideways or downwards in the absence of strong bullish sentiments.

BTC/USD 4-H Chart

On 4-H charts, the BTC/USD is currently trending in a moderate selling zone, below the 20- and 50-SMA lines with RSI nearing 40-43. It indicates a near-term bearish movements in the next few hours, with little bullish corrections expected in between. There the price would want to test 350 as the key support level, thanks to a strong buying zone around that level. At the same time, any major break below the aforementioned support will open price to a strong bearish channel, where the next bottom is expected to be in between 320 and 340.

Overall Market Mood
For the next 48 hours, the Bitcoin price is expected to consolidate sideways between a strong support and resistance level of 350 and 365. At this point, the pressure would be more on bears to break price below the 350-wall. If this happens, the next-in-sight resistance would be between 340 and 320. On the contrary, if the price breaks above the 365 resistance level, the pressure would be on bulls to keep the trend at least neutral. On if the price breaks the 370-mark, it can enter into a moderate bullish correction period, with a short-term upside risk around 400.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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