Bitcoin (BTC) Price Analysis for November 11

Even though the day started with a market bounce back, the rates of some coins are still falling.

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.40% over the last day.

On the hourly chart, Bitcoin (BTC) started the day with the false breakout of the local resistance level $17,964. At the time of writing, the price is stuck in a range where $15,722 serves the support level.

If the rate comes back to it, the fall may continue to the $15,000 zone.

On the daily chart, the situation is bearish as the price could not keep the rise after yesterday’s bullish candle. If the drop continues to $16,000, there are high chances to see the breakout of the recently formed support level at $15,632 soon.

From the midterm point of view, Bitcoin (BTC) is on its way to the next support level at $13,880 if the bulls cannot seize the initiative soon. However, if a bounce back above the $18,00 zone happens, one can expect the test of the mirror level at $21,000.

Bitcoin is trading at $16,890 at press time.

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