BTC/USDT Price Analysis Nov.23

[Nikko]

During a waterfall decline, support levels are not honored, making it difficult to predict the bottom. The pullbacks also usually last only for about 1–3 days. Bitcoin attempted a recovery on Nov.r 21 that failed at $4,799.74.

Subsequently, the BTC/USD pair has resumed its downtrend, making a new low. Both the moving averages are sloping down and the RSI is deep in the oversold territory. This shows that the sellers are in command.

The immediate support on the downside is $4,100, below which, the fall can extend to $3,500– $3,000. 

Any recovery attempt will face stiff resistance at the downtrend line and $5,000. Though we want to use the current fall to buy, we believe that the traders should wait for a level to hold before initiating any long positions. 

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