Bitcoin (BTC/USD) Market Keeps a Deep Below $17,500
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Bitcoin Price Prediction – November 16
The impact of the last effective declining motion has led the BTC/USD market to keep a deep below the $17,500 psychological lower point. The negativity in the crypto economy has given birth to a -1.77 percent rate as the price trades at $16.586.92.
BTC/USD Market
Key Levels:
Resistance levels: $18,500, $20,500, $22,500
Support levels: $15,000, $12,500, $10,000
BTC/USD – Daily Chart
The BTC/USD daily chart showcases the crypto market keeps a deep below $17,500 at close points. The horizontal line drawn around the trading value line depicts the newer technical level at a lower-trading spot against the higher point of $20,000 line. The 14-day SMA indicator is at $18608.53, beneath the $20,395.90 value line of the 50-day SMA indicator. The Stochastic Oscillators have conjoined their lines tightly over the range of 20. And they are now trying to swerve northbound with a less-active move at 25.31 and 27.44 levels.
Will the BTC/USD market consolidation move mode below $17,500 lead to more downs?
The BTC/USD trade’s consolidation below the $17,500 level will almost certainly result in new lows as the crypto market remains well below the value line. A bullish candlestick needs to resurface from above the $15,000 support level to span northward against the trend line of the 14-day SMA to confirm the validity of an upward resumption mode. A timely sudden reversal move against or around the lowest spot will propel bears’ forces to go beyond the support point afterward.
The downside of the BTC/USD technical analysis suggests that bears will resume a declining force around the resistance trading spot at the 14-day SMA trend line. If the market fails to succumb to sellers’ reactions around the SMA indicator, it will rebuild a convergence that can lead to a situation causing the weakness of bulls’ strength.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart reveals the crypto market keeps deep between the points of $18,000 and $16,000. The upper and the lower horizontal lines have been to mark those points for certainty. The 14-day SMA indicator is at $16,906.63, beneath the $18,246.47 value line of the 50-day SMA indicator. The Stochastic Oscillators have crossed southbound to 80.30 and 66.22 levels. That signifies the forces to the downside are on a gradual systemic reduction process.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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