RATE Group | Bitcoin Price Analysis November 3: Sneaking back up to $6400 after the dip
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Bitcoin Price Analysis November 3: Sneaking back up to $6400 after the dip

03 Nov Bitcoin Price Analysis November 3: Sneaking back up to $6400 after the dip

Posted at 02:39h in Bitcoin News by

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Earlier this week Bitcoin, as well as the whole crypto market, saw a bit of a dip. Since then, Bitcoin has crept back up towards the $6400 level, though it sees considerable resistance ahead of it. If rejected, it could get kicked back down to about $6200.

Highlights:

– No major news moving the market right now.

– If strength holds we could push past $6400 up as high as $6600.

– If rejected at $6400 it could break down to likely $6200.

The 4 hour chart is perhaps the most telling right now for Bitcoin. While the last few days have been strong, there is considerable resistance coming up at the $6400 level. It has shown to be a notable psychological level in the past and the 4hr 100MA is also hovering just below it. Combined with the RSI being close to 60, Bitcoin going much higher right now isn’t the safest bet.

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Bull Scenario: Despite being unlikely, good news or positive sentiment could push us through the wall around $6400, in which case a run up to…

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