Bitcoin Charts Analysis: Bitcoin price is expected to consolidate sideways between a strong support and resistance level of 350 and 365

After rallying from 320 to 453, the Bitcoin price retreated last week to the month’s low at 351, after breaking through a number of key supporting levels. However there were some near-term bullish corrections during the 11/21 and 11/22 trading sessions, where price surged from 350 to 365 amidst a moderate buying pressure around the bottom. As Bitcoin market enters another week of possible bearish rallies, we try to predict its future movements on two near time intervals.

BTC/USD 4-H Chart

On 4-H charts, the BTC/USD is currently trending in a moderate selling zone, below the 20- and 50-SMA lines with RSI nearing 40-43. It indicates a near-term bearish movements in the next few hours, with little bullish corrections expected in between. There the price would want to test 350 as the key support level, thanks to a strong buying zone around that level. At the same time, any major break below the aforementioned support will open price to a strong bearish channel, where the next bottom is expected to be in between 320 and 340.

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For the next 48 hours, the Bitcoin price is expected to consolidate sideways between a strong support and resistance level of 350 and 365. At this point, the pressure would be more on bears to break price below the 350-wall. If this happens, the next-in-sight resistance would be between 340 and 320.