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Bitcoin tested the level ...

Bitcoin tested the level of the bullish breakout and continued to rise
CONTENT

  • Bitcoin bounced off the $ 15,800 support area.

  • Technical indicators are not showing clear signs of weakening yet.

  • The price has broken through the line of short-term downward resistance.

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Bitcoin continued to strengthen between November 9-16. Although the price failed to close above $ 16,000, it turned the broken resistance into support.

During the period from November 9 to 16, the bitcoin (BTC) rate strengthened, forming a small bullish candle with two wicks on the chart. The price peaked at $ 16,494, but then pulled back from it and closed the session below $ 16,000.

Technical Indicators

Bitcoin tested the level ...

Technical indicators are not showing any signs of weakening and are not giving signals of bearish divergence. Stochastic Oscillator has not yet formed a bearish crossover.

However, Bitcoin is trading within the important resistance level of $ 16,140 (Fibo 0.768). The market has not yet managed to close trading above this level.

The next major resistance is at $ 17,264 (Fibo 0.854).

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Schedule BTC. Source: TradingView

Re-testing support

On the daily chart, you can clearly see the importance of the $ 15,800 area, which played the role of resistance until November 12, when it was broken by the bulls.

This area has since become support and a long bottom wick has appeared on the November 14 chart, which is a sign of buying pressure.

As long as the market is trading above this level, the pair’s chances of further growth will remain high..

Bitcoin tested the level ...

Schedule BTC. Source: TradingView

On the daily chart, the indicators are not yet showing signs of clear weakness, but they are already quite close to this:

  • MACD started to lose momentum, but has not started to decline yet.
  • Stochastic Oscillator has not formed a bearish crossover, but it is not growing either.
  • The RSI is showing signs of bearish divergence, but has not yet completed the “failed swing at the top” pattern.

The situation with the RSI is especially important, as its decline below the 70 mark will complete the formation of this figure, as well as mark an exit from the overbought zone, which could be a bearish signal.

Schedule BTC. Source: TradingView

Short-term dynamics

Bitcoin tested the level ...

On the shorter-term 1-hour timeframe, the price made a bullish breakout of the descending resistance line that accompanied it on the chart from the high of November 13.

After that, BTC quickly pierced the Fib level of 0.618. This indicates that this growth is more likely the beginning of a new upward move, rather than a correction..

Despite the likelihood of a decline in the short term and a possible test of the strength of this downward resistance line, overall it looks like Bitcoin will resume its growth..

Schedule BTC. Source: TradingView

Conclusion

Thus, while the bitcoin rate is trading above the $ 15,800 area, which has now become support, the likelihood of continued growth will remain high..

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.

Disclaimer

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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