Bitcoin Backtracks And Encounters Rejection At The $38,000 High

Nov 17, 2023 at 07:47 // Price
Author
Coin Idol
Analysts predicted that Bitcoin would reach the psychological price level

The Bitcoin (BTC) price has started to rise again after another rejection at the $38,000 mark.

Bitcoin (BTC) Price Long Term Prediction: Bullish

Today's rejection by buyers is their second attempt to resume the current uptrend. Analysts predicted that Bitcoin would reach the psychological price level of $40,000.

Coinidol.com reports that the price indication on the chart suggested that Bitcoin would reach a high of 1.272 Fibonacci extension or $38,400. The largest cryptocurrency is likely to make a U-turn if its price reaches the predicted level.

Nonetheless, BTC is on the retreat again after two failed attempts to break above the $38,000 mark. If the selling pressure continues, Bitcoin will almost certainly be forced to trend sideways.

The price of the cryptocurrency is expected to fluctuate between $35,400 and $38,000. Bitcoin could fall much further if the bears break through the $35,400 support level.

BTCUSD_(Daily Chart) – NOV. 16 (1).jpg

Bitcoin indicator reading

Since November 9, Bitcoin has been back in a sideways trend, resulting in horizontal moving average lines on the 4-hour chart. The price bars are above the moving average lines, which means that the price will retest or break through the resistance level. The price bars are currently moving towards the 21-day simple moving average. Should the bears break through the $35,400 support, Bitcoin could fall even further.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

BTCUSD_( 4- hour Chart) – NOV. 16 (1).jpg

What is the next direction for BTC/USD?

Bitcoin is nearing the end of its uptrend. On November 9, the wick of the long candle indicates strong selling pressure at the $38,000 resistance level. At recent highs or higher, demand has dried up twice. Meanwhile, the Bitcoin price has been fluctuating between $35,400 and $38,000.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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