Bitcoin rally stalled, but all is not yet lost



Bitcoin rally stalled, but all is not yet lost

Bitcoin rally stalled, but all is not yet lost

  • Bitcoin price collides with resistance at $ 15,800.

  • The price moves along the upward support line.

  • Bitcoin is likely inside the 5th wave of the 5th wave.

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Bitcoin formed a declining high and stalled. The price may be trading in an ascending triangle with resistance at $ 15,800.

Price dynamics and wave analysis promise bitcoin a bullish breakout from this triangle.

Rally stalled

The bitcoin (BTC) rate showed indecision on November 9. Despite significant gains a day earlier, the price formed a small bearish candlestick with two wicks yesterday, indicating the market’s inability to choose a further direction.

Bitcoin rally stalled, but all is not yet lost

Technical indicators have started to show signs of probable weakness, but trend reversal cannot be confirmed yet.

Schedule BTC. Source: TradingView

On the shorter-term 6-hour chart, the key resistance is at $ 15,800. The price bounced off these levels yesterday. Strong bearish divergence signals appeared on the chart, and subsequently the BTC rate fell sharply.

This decline ended as soon as the price reached the upward support line that has been on the chart since November 2. The above resistance area and this support form an ascending triangle. This pattern is considered bullish, which suggests a bullish breakout..

If, as a result of such a breakout, the price moves up to the entire height of the pattern, the BTC rate will be around $ 17,200.

On the other hand, a bearish break of the upward support line could push the market back to the support level at $ 14,260.

Schedule BTC. Source: TradingView

What’s next

On the 2-hour chart, you can see that the price is correcting after yesterday’s drawdown. However, despite the rebound, it has not yet managed to make a pure breakdown of the Fibo resistance level of 0.618. Instead, a long upper wick appeared on the chart, piercing the resistance, and then the pair declined.

Technical indicators are showing no signs of weakness yet. RSI is above 50 and MACD is above zero.

In this regard, the most likely scenario is further Bitcoin consolidation above the upward support line, after which the price will eventually make a bullish breakout.

Schedule BTC. Source: TradingView

Bitcoin rally stalled, but all is not yet lost

Our latest wave analysis also indicates the likelihood of a similar rally with a target in the $ 16,900- $ 17,200 range..

This goal was determined by us using the projection of the length of subwaves 1-3 to subwave 4 (blue and orange). In addition, the Fibo level 4.618 of the extension of the subwave 1 (blue) is located here..

Schedule BTC. Source: TradingView


Thus, the bitcoin rate can consolidate within its price pattern, but then make a bullish breakout towards the target level of $ 17,000.

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.


All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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