Bitcoin Consolidates Between $14,600 and $15,800 as Bulls and Bears Contemplate Next Move
Nov 11, 2020 at 11:18 //
News
Since November 5, Bitcoin's upward move has been stuck below the $16,000 overhead resistance. For the past week, buyers have found penetration difficult above the resistance.
The king coin now fluctuates between levels of $14,600 and $15,800. Presently, the uptrend is facing rejection at levels $15,600 and $15,800. Today, the coin rebounded but was repelled at level $15,500. Bitcoin is trading at $15,410 at the time of writing.
On the upside, a strong bounce above $15,400 support will propel the price to break the minor resistances at $15,600 and $15,800 high. The momentum will be accelerated and a rally above $16,000 is expected. Nevertheless, if buyers fail to take the initiative, the current sideways move will persist. Otherwise, sellers will take advantage to break the lower price range at $14,600. Bitcoin will drop to $13,550 if the lower price is breached.
Bitcoin indicator reading
BTC price is well above the SMAs which suggests a possible upward move of the coin. The coin is at level 71 of the Relative Strength Index period 14. It indicates that the crypto is in the bullish trend zone. The price bars are consolidating near the $16,000 resistance which suggests a possible breakout at the resistance.
Key Resistance Zones: $13,000, $14,000, $15,000
Key Support Zones: $7,000, $6,000, $5,000
What is the next direction for BTC/USD?
BTC price is fluctuating in a range as buyers target to break the resistance at $16,000. The retraced candle body tested the 50% Fibonacci retracement level. The implication is that the market will rise to level 2.0 Fibonacci extension level. This is equivalent to $18,186.40 high.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow