BTC/USD Stays Above $15,500; the Bulls Are Struggling To Conquer $16,000 Crucial Level

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Bitcoin (BTC) Price Prediction – November 6

Bitcoin bulls are working hard to nurture a bullish trend from the support at $15,000.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $17,200, $17,400, $17,600

Support Levels: $14,000, $13,800, $13,600

BTCUSD – Daily Chart

Bitcoin is currently trading 0.43% lower on the day. BTC/USD opens the session at $15,608 and now adjusting upwards to the prevailing market value of $16,000. More so, the Bitcoin price is moving within the short-term bullish trend amid low volatility. Meanwhile, the current conditions imply that the price may stay range-bound in the next few moves as the coin trades above the 9-day and 21-day moving averages. Similarly, the technical indicator RSI (14) remains within the overbought zone.

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Where is BTC Price Going Next?

At the opening of the market today, after testing the low of $15,190, BTC/USD is currently trading at $15,541. Looking at the market movement, there is likely that the coin may experience a quick retracement if it moves above the channel to touch the crucial $16,000 resistance, and traders may see $15,200 to $15,000 being tested again before pushing higher.

On the downside, if the market decides to fall, the price of Bitcoin could fall below the support level of $14,500, and if that support fails to hold the sell-off, traders could see a further decline below the 9-day MA and move towards the support levels of $14,000, $13,800, and critically $13,600. All the same, any further bullish movement above the upper boundary of the channel may hit the resistances at $17,200, $17,400, and $17,600 respectively.

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BTC/USD Medium – Term Trend: Bullish (4H Chart)

On the 4-hour chart, we expect the coin to gain the lost momentum and hit the trade above $16,000. Meanwhile, the volatility hovers, and the selling pressure still exists and this may cause the coin not to be able to cross above the upper boundary of the channel. Meanwhile, the $14,800 and below may come into play if BTC breaks below moving averages.

BTCUSD – 4 Hour Chart

However, in as much as the buyers reinforce and power the market, traders can expect a retest at the $15,900 resistance level, and breaking this level may further allow the bulls to reach $16,200 and above. The RSI (14) is seen trading within the overbought territory which shows that more bullish signals may play out.

Read Also:   BTC/USD Retreats Below $16,000 Before Another Breakout to $17,000

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BTC/USD Stays Above $15,500; the Bulls Are Struggling To Conquer $16,000 Crucial Level

by Daniel Sean
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