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Bitcoin (BTC) Price Analysis for November 11

Fri, 11/11/2022 - 22:00
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Denys Serhiichuk
How big are chances to see further fall of Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for November 11
Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though the day started with a market bounce back, the rates of some coins are still falling.

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The rate of Bitcoin (BTC) has risen by 0.40% over the last day.

BTC/USD chart

On the hourly chart, Bitcoin (BTC) started the day with the false breakout of the local resistance level $17,964. At the time of writing, the price is stuck in a range where $15,722 serves the support level.

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If the rate comes back to it, the fall may continue to the $15,000 zone.

BTC/USD chart

On the daily chart, the situation is bearish as the price could not keep the rise after yesterday's bullish candle. If the drop continues to $16,000, there are high chances to see the breakout of the recently formed support level at $15,632 soon.

BTC/USD chart

From the midterm point of view, Bitcoin (BTC) is on its way to the next support level at $13,880 if the bulls cannot seize the initiative soon. However, if a bounce back above the $18,00 zone happens, one can expect the test of the mirror level at $21,000.

Bitcoin is trading at $16,890 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at