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Bitcoin (BTC) Price Analysis for November 28

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Tue, 28/11/2023 - 18:00
Bitcoin (BTC) Price Analysis for November 28
Cover image via www.tradingview.com

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The cryptocurrency market is mainly trading sideways today.

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BTC chart by CoinStats

BTC/USD

Unlike other coins, the rate of Bitcoin (BTC) has risen by 0.51%.

Image by TradingView

On the hourly chart, one should pay attention to the resistance level of $37,272. If its breakout happens, the price blast may lead to the test of the $37,500 zone soon.

Image by TradingView

On the daily time frame, the price of BTC needs more time to accumulate energy for a further move. The falling volume confirms such a statement.

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In this regard, consolidation in the narrow range of $37,000-$37,500 is the more likely scenario until the end of the week.

Image by TradingView

On the weekly time frame, a further midterm rise is possible only if the rate gets back to the $38,000 zone and fixes above it. If that happens, there is a possibility to see a test of the vital zone of $40,000.

Bitcoin is trading at $37,248 at press time.

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