Baxia Markets
November 23, 2021

BTCUSD is down 5.77% in two sessions.

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The cryptocurrency found a new pullback after failing to complete the breakout on the resistance at $59,782, it could test the support at $55,097 in the short term. The price trades inside the Ichimoku cloud, suggesting there is market uncertainty.


The Bollinger bands are opening up almost symmetrically, the pair trades closer to the lower band, suggesting it's relatively low. Price could get a boost from traders that have identified this signal on the daily chart. If the support level at the 50% Fibonacci retracement is strong, we would likely see the price come back to the 59,000 levels in the short term.


Bitcoin Nov 22nd


The relative strength index is currently at 39%, this will allow the pair to start climbing and possibly break the resistance before entering an overbought status. The short and long-term moving averages are close to crossing, which would indicate a trend reversal.


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