Bitcoin Bounces Above $13,800 and $14,000 Resistances but Fails to Sustain Uptrend

Nov 04, 2020 at 12:17 // News
Coin Idol
Bitcoin upward move was short-lived

Bitcoin bulls have continued to sustain the current uptrend as buyers pushed above the $14,000 resistance. Yesterday, the king coin rebounded twice above the $13,600 high as price broke the resistance at $13,800 and $14,000.

Unfortunately, the upward move was short-lived. The bullish momentum broke the resistance levels but the selling pressure was overwhelming as the coin fell back to the range-bound zone. Incidentally, Bitcoin's upward move has been hampered by these resistance levels. BTC is trading at $13,635 at the time of writing. 

Presently, the price is retracing after the recent resistance at $14,000. The upward move will resume if price retraces and finds support above $13,600. In the meantime, the sideways move between $13,060 and $13,800 has begun. On the upside, if buyers succeed in breaking the upper price range and the momentum is sustained, BTC will rally above $14,000. Conversely, the king coin will trend lower, if the $13,060 is breached.

Bitcoin indicator reading

Bitcoin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum. It also means that sellers have emerged at the overbought region to push prices down. Similarly, BTC has fallen to level 67 of the Relative Strength Index. Though, BTC is still in the uptrend zone.


Key Resistance Zones: $13,000, $14,000, $15,000

Key Support Zones: $7,000, $6,000, $5,000  

What is the mext direction for BTC/USD?

Bitcoin upward move is likely as bulls retest the $14,000 resistance twice. On November 3 uptrend, BTC reached a high of $14,062.80 but was resisted. The retraced candle body tested the 61.8% Fibonacci retracement level. This retracement explains that BTC will rise and reach level 2.618 Fibonacci extension level. That is a high of $14,518


Disclaimer. This analysis and forecast are the personal opinions of the author 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.

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