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Bitcoin (BTC) Price Analysis for November 6

Sun, 11/06/2022 - 14:37
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Denys Serhiichuk
Can Bitcoin (BTC) keep rising next week?
Bitcoin (BTC) Price Analysis for November 6
Cover image via www.tradingview.com

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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Bears are back in the game on the last day of the week, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has declined by 0.21%. Over the last week, the price has grown by 2.64%.

Top coins by CoinMarketCap

On the hourly chart, Bitcoin (BTC) is trading sideways, which means that there are low chances to see shape moves by the end of the day. Thus, trading on the CME exchange closes at the $21,155 mark.

BTC/USD chart by TradingView

A similar situation is on the daily time frame. However, while the rate is above the support level at $21,000, bulls keep controlling the situation. In this case, the more likely scenario is sideways trading in the range of $21,000-$21,500 for the upcoming week.

BTC/USD chart by TradingView

On the bigger chart, Bitcoin (BTC) is likely to fix above the $21,000 zone against the increased volume. If nothing changes by the end of the day, the leading crypto has a high chance to rise to the nearest resistance level at $22,781.

Related
Ethereum (ETH) Price Analysis for November 5

However, it might need a few weeks to make it happen as not enough power has been accumulated yet.

Bitcoin is trading at $21,234 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 denys.serhiichuk@u.today.