BTC/USD: The Sudden Fall of Bitcoin

BTC/USD: The Sudden Fall of Bitcoin

Contents

Technical Analysis

November 17, 2021|The Forex SecretBitcoin dropped off it’s price recently after last week’s record high. Crypto prices crashed overnight as the US dollar surged higher. Just a week or two ago bitcoin was at record high, reaching 3 trillion, but now bitcoin is trading briefly below the 60,000.00 key level. There are many reasons and theories behind bitcoin’s fall, the sudden surge of the US dollar is considered to be one of them.

BTC/USD Technical Analysis

Just a week or two ago bitcoin was at record high. However, suddenly it’s price dropped off. In the picture above, we can see that the BTC/USD is currently trading below the resistance of 63431.51 key level and above the support of 57835.95 key level. We can predict that the price may go down to the 57835.95 key level, which indicates a sell. However if the price moves up at the 63431.51 level and closes the daily candle, the sell will be invalid.

What We Can Expect from the BTC/USD?

As per the above findings, we can expect investors should focus on finding a sell as the current price is trading below the dynamic 20 EMA with a bearish momentum. We can predict that the price may go down to the 57835.95 key level, which indicates a sell. However if the price moves up at the 63431.51 level and closes the daily candle, the sell will be invalid and investors should focus on finding a buy.

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