Bitcoin Rally Stalls at $15,600, May Resume Uptrending

Nov 09, 2020 at 11:14 // News
Coin Idol
Bitcoin may resume uptrending

Bitcoin (BTC) price is now in a sideways trend as buyers fail to break the $16,000 resistance. Today, the king coin is trading at $15,366 at the time of writing. In the previous uptrend, the upside momentum was terminated at the $15,888 high.

Buyers made attempts to push the price to the resistance zone but were repelled on three occasions. Consequently, BTC plunged to $14,400 low. The bulls buy the dips as the king coin is corrected upward.

Presently, BTC is facing rejection at the $15,600 high. For the upside momentum to continue, buyers should sustain the bullish momentum above the $14,000 high. On the upside, if the coin rises and bounces above the $15,500 support, the price momentum will break the $15,600 and $15,800 resistance level. Conversely, if the bulls fail to break the resistance levels, BTC will continue the range-bound movement. Perhaps, the crypto may fall again. 

Bitcoin indicator reading

BTC is at level 72 of the Relative Strength Index period 14. The implication is that the crypto is trading in the overbought region of the market. In this region, the presence of sellers is unavoidable. Sellers are likely to emerge to push prices down. The 50-day SMA and 21-day SMA are pointing northward indicating the uptrend.

BTC chart.png

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?  

After the correction on November 7, the bulls have recouped to resume the uptrend. On November 6 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that BTC will rise to level 2.0 Fibonacci extensions. That is the high of $18,220.20.

BTC chart.png

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