Bitcoin in a Stalemate as It Struggles to Break Resistance at $18,600 and $18,800
Nov 23, 2020 at 11:36 //
NewsOn November 19, the bulls bought the dips as price rallied to $18,800 high. Bitcoin attained the recent high on November 21 but could not continue the upward move.
Presently, the king coin has slumped down to $17,800 but fluctuates between $17,800 and $18,600. For the king coin to resume upside momentum, the bulls have to break the resistance at $18,600 and $18,800. For the past three days, BTC is yet to trend as it consolidates within the range-bound zone.
Usually, Bitcoin has been trending within three days of correction. At the time of writing, Bitcoin is fluctuating within a confined range. There has been no indication of bullish signals. On the upside, if buyers can push the price above the $18,800 resistance, BTC is likely to rally above $19,200. However, where buyers fail to act, sellers will take advantage to break below the $17,800 support. This will sink the coin to either $17,400 or $16,600 low. Meanwhile, BTC is struggling in the range-bound zone to retest the resistance levels.
Bitcoin indicator reading
Bitcoin has been trading above the 80% range of the daily stochastic since October 10. This has contributed to the recent price surge as the bullish momentum has been sustained. The 21-day and 50-day SMAs are heading northward indicating that the market is in an upward move.
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?
Bitcoin is expected to rise once the $18,600 and $18,800 resistance levels are breached. From the Fibonacci tool analysis, Bitcoin is expected to rise briefly and reverse. On November 18, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the coin will rise and reverse at 1.272 Fibonacci extension level. That is the market will reverse at $19,155.80.
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