BTC/USD Is in a Sideways Move as Buyers Battle $66k High -November 15, 2021
Since November 14, BTC/USD has been in an upward move as price reached the high of $66,162 and as buyers battle $66K high. Presently, Bitcoin is retracing from the $66,000 resistance zone. The uptrend is to revisit the previous high of $68,000 and break above it. In the previous price action, BTC’s price has been consolidating above the $63,000 support but fluctuates between $63,000 and $66,000 price levels.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Today, Bitcoin’s upward move is facing resistance at the $66000 resistance zone. Since November 10 breakdown, BTC price fell to the low of $62,866 as bulls bought the dips. Nevertheless, for the past week, BTC/USD has been fluctuating between $63,000 and $66.000 price levels. Buyers have an uphill task as they will need to clear the resistance levels of $66,000 and $68,000 before embarking on upside momentum. Presently, the BTC price is falling on the downside. If it breaks below the current support, the market will decline to a $60,400 low which is unlikely.
Bitcoin (BTC) Indicator Reading
Bitcoin is at level 61 of the Relative Strength index period 14. The king coin has room to rally on the upside. Buyers are yet to reclaim the $68,000 high. The cryptocurrency price bars are above the 21-day line and the 50-day line moving averages which indicate a possible rise of the coin. The 21-day line moving average has been acting as a support level.
Presently, BTC/USD is fluctuating between $63,000 and $66,000 price levels as buyers battle $66K high. The Fibonacci tool analysis will hold if the bears break below the $63,000 support. That is, on November 10, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.618 Fibonacci extension or $59,242.30.
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