Bitcoin Struggles in Tight Range, Can Bulls Sustain Current Uptrend?
Nov 02, 2020 at 10:29 //
News
Bitcoin (BTC) is in a sideways move below $14,000 after the bulls fail to break the $14,000 resistance. On October 31, Bitcoin in its current price surge reached a high of $14,055 but buyers failed to sustain the bullish momentum.
Today, BTC is trading at $13.705 at the time of writing. Nonetheless, for the past three days, the price movement has been confined between $13,600 and $14,000.
The bulls have been defending the current support while making attempts to break the resistance. BTC will trend lower if sellers break below the $13,600 support. A breakdown will result in price reaching the low at $13,000 and the subsequent drop to $12,800. On the upside, the $14,000 resistance can be broken, if the coin rebounds above $13,800 support and momentum is sustained. Meanwhile, the sideways movement of the crypto will continue, if the range-bound levels remain unbroken.
Bitcoin indicator reading
Bitcoin is at level 75 of the Relative Strength Index period 14. It indicates that the coin is in an uptrend zone. Also, BTC has been trading in the overbought region of the market since October 21. The RSI is horizontally flat in the overbought region indicating that the coin is in a sideways 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?
From the price action, BTC is in a sideways move and was resisted at the $14,055 high. On October 31 uptrend, the last retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the market will reach a high of 2.618 Fibonacci extensions. That is BTC will reach the $15,078.20 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