Overview:
- Bitcoin has recently been in talks due to price drop below $60,000 levels. The coin has been declining for the past few days, reached $58,593.05 levels on 16th Nov.
- As expected, market to correct, the coin however, saw decline for the second consecutive day today and was at an intraday low of $58,379.55 levels today.
An extensive analysis of Bitcoin is discussed here. Bitcoin’s analysis has been done on a 5 day and daily chart.
Analysis
Here’s the market structure of the coin.
Bitcoin was trading at $66,339 levels, before it made a reversal and slid into a bearish rally. The coin has been rallying downwards since then and has traded below $60,000 levels. Bitcoin is currently trading at $59,635.24 levels, down by 0.79% and it’s the fourth consecutive day for which the coin ended the day in red. The fall in price comes with investor fear regarding US taxation and China swirls.
Looking at the daily chart, the coin started off the day at $59,767.74 levels, the coin rose to an intraday high at $60,920.35 levels. The intraday low was seen at $58,402.23 levels. On the daily chart, Bitcoin saw bullish engulf at $58,912 levels. On a daily chart the strong sell region extends between $60,112.34 and $60,566.80 levels. Contrarily, the strong buy region was between $59,023.70 and $59,294.97 levels. On an hourly chart the coin is seen consolidating in a flag pattern at $59,753.41.
Market Indicators:
Hourly RSI: The hourly RSI is moving currently down towards 55 levels, showing, mild price strength owing to pressure from seller side due to entry of buyers.
Fibonacci Retracement levels: 23.6%: $59,754.33, 38.2%: $60,562.96, 61.6%: $61,870.04
Major support level: $58,447.25
Major resistance level: $62,800.51
Conclusion:
On the upside prices may move above $60,000 levels soon. The first major resistance sits at $60,599.65 levels. In event of an extended rally upwards, the second major resistance sits at $60,913.26 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $58,784.48 levels, will bring the first major support level $58,413.84 level in play.
