Today, in its impressive positive moves, BTC rallied to $18,450 but pulled back to $17,110 low. The price has corrected upward as the coin fluctuates between $17,500 and $18,400.
In the previous uptrend, the $16,400 resistance impeded the upward move on November 13. This resulted in the king coin plunging to $15,900 on November 14. Nevertheless, the upward move resumes as bulls buy the dips to propel the coin to rally. The recent rally on November 16 broke the $16,400 resistance. The price momentum extended to the $18,450 high.
The current price movement has been stalled below $18,500 but BTC is fluctuating between $17,500 and $18,400. Bitcoin bulls will have an uphill task to break the resistance at $18,500. In the meantime, the price has corrected upward to retest the $18,400 and $18,500 resistance. A break above $18,500 high will make the coin to rally above $20,000 high. On the other hand, if the bears break below $17,500 support, BTC will fall to $16,700 low
BTC price has been trading consistently above the 80% range of the daily stochastic. It indicates that the crypto is trading in the overbought region of the market. The coin is trading in a strong trending market as bulls continue to push BTC on the upside. In a strong trending market, the overbought condition may not hold.
Key Resistance Zones: $13,000, $14,000, $15,000
Key Support Zones: $7,000, $6,000, $5,000
As price breaks the $18,000 high, there is a likelihood of a further upward movement of the coin. The recent price surge is close to the projected price level of Bitcoin. As earlier indicated, on November 7, the last retraced candle body tested the 50% Fibonacci retracement level. This retracement gives the impression that the coin will rise and reach level 2.0 Fibonacci retracement level. That is the market will rise and reach a high of $18,270.40.
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.