Since November 12, the price of Bitcoin is oscillating within a downtrend channel formed below the 200 EMA. In 4-hour charts, there were several occasions to break and consolidate above the 200 moving average. But non of the attempts have been successful. Every time the price approaches this level, BTC falls and loses strength.
This rally seen in recent hours is its sixth attempt to consolidate above this level of the 200 EMA. A sharp break above the downtrend channel and a consolidation above the moving average will be the start of a new bullish wave. If the price of BTC trades above these levels it will give us the opportunity to buy with targets at 62,500 and could go up to 3/8 of a murray at 68,750.
Investor sentiment on Bitcoin is being very cautious and fearful, in view of the fact that the new variant of COVID-19 is still under study and the impact is expected not to be detrimental to the global economy. It is likely that below the psychological level of 60,000 Bitcoin can make a technical correction towards the support of 56,250.
On the other hand, if Bitcoin fails to consolidate above 58,913, it is likely that it will resume its main bearish movement and may fall below the SMA of 21 located and 55,911. The goal in the short term will be the psychological level of 50,000.
Our trading plan is to wait for a break through the 200 EMA at 58,911. At this level, it will be a good opportunity to buy with targets at 62,500 and up to the 3/8 of Murray located at 68,750.
Support and Resistance Levels for November 30, 2021
Resistance (3) 62,205
Resistance (2) 60,515
Resistance (1) 59,437
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Support (1) 56,541
Support (2) 54,851
Support (3) 53,709
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A trading tip for BTC November 30, 2021
Buy if breaks above 200 EMA at 58,913, with take profit at 62,500 (2/8) and 68,750 (3/8), stop loss below 58,150.
The material has been provided by InstaForex Company - www.instaforex.com