Daily Bitcoin Price Analysis: Bulls took the lead
Bitcoin price analysis on November 27th by Albert Libenzon on Cointelegraph
Our expectations materialized on November 26th and the price of BTC to USD went up, overcame the resistance level of $345 and is now at the level $353.6. Considering the holidays in the US, the bulls took the initiative in their hands.
Today, November 27th the way to around $370 is open for the Bitcoin price. But we shouldn’t forget about the straightening positions of the US dollar. Positive statistics from the US in recent days indicates that the dollar will continue to strengthen. Therefore, traders should be cautious as ever – as the scenario, when the Bitcoin price reaching $370 will start to decline, is still possible. Moreover, there is a possibility for a price drop the from current levels.
On November 27th, we can expect the top level at about $370 and $380. Once the price reaches these levels, it could fall down by 50%. The lower level of the price for the BTC/USD pair today are $335 and $320. Recommendation to traders – take profits when the price reaches the above mentioned levels.