Bitcoin Risks Decline as It Faces Rejections at Recent Rallies
The Bitcoin (BTC) price is declining, although it is only moving within a small range. Yesterday's upward correction was unsuccessful as selling pressure returned.
The largest cryptocurrency is limited to a price range of $15,500 and $18,150. The bitcoin price is in a downtrend zone. The current support will be broken by the sellers.
Two unsuccessful attempts by the bears to drive the bitcoin price down were aimed at the $14,100 level. The ultimate goal of buyers is to overcome the initial resistance at $18,150. If the current resistance is broken, Bitcoin will rise above the psychological price level of $20,000. However, the largest cryptocurrency will continue to move in a narrow range between $15,500 and $18,150, where the range bound levels are still intact.
Bitcoin indicator reading
Bitcoin is still in a downtrend at level 32 of the Relative Strength Index for period 14. The cryptocurrency is in danger of falling even further. Bitcoin will continue to fall as long as the price bars are below the moving average lines. It is in oversold territory and below level 20 of the daily stochastic, which could attract buyers.
Technical indicators:
Major Resistance Levels – $30,000 and $35,000
Major Support Levels – $20,000 and $15,000
What is the next direction for BTC?
Since November 9, the bearish momentum has weakened as Bitcoin fluctuates between the $15,500 and $18,150 levels. Buyers have tried twice to continue the upward movement, but with each rally, sellers have started to break the move. The BTC price was rejected during the period of the limit at prices of $17,200 and $18,156. Once the boundaries of the trading range are broken, BTC/USD will develop a new trend.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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