Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,600, $3,500, $3,400

Last week the price of Bitcoin was in a bearish trend. On November 19, the digital currency was trading above the $5,500 price level when it was resisted by the 12-day EMA and the crypto was in a downward trend. The crypto price had been below the 12-day EMA and the 26-day EMA and it fell to the low of $3,795.82.

For the price of Bitcoin to resume its uptrend, it must break the 12-day EMA and the 26-day EMA and remain above it. Today, the crypto is making a bullish movement to the 12-day EMA. If crypto's price breaks the EMAs upwards, the crypto is likely to resume its uptrend.

But if the 12-day EMA resists the bullish movement, the price is likely to resume its downward trend. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the price of Bitcoin was in a sideways trend. On November 25, the crypto's price fell to the low of $3,758.06 and commenced a range bound movement. The price broke the 12-day EMA and the 26-day EMA indicating that price rising. If price falls below the EMAs the digital currency is likely to continue its bearish movement.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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