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Bitcoin Price Prediction: BTC/USD Takes a Breathe, Consolidates Between $14,600 and $15,800

Bitcoin (BTC) Price Prediction – November 10, 2020
Since November 5, BTC/USD price is stuck below the $16,000 overhead resistance. Consequently, the king coin has been fluctuating between $14,600 and $15,800. In the last 48 hours, the price action is characterized by small body candlesticks called Doji and Spinning tops.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

For the past week, BTC has been compelled to a range-bound movement between the range of $14,600 and $15,800. The current sideways move is caused by the inability of the bulls to break the $16,000 overhead resistance. BTC price will rally above $17,000 high once buyers push the coin above the overhead resistance. Conversely, if the bulls fail to break the overhead resistance, the bears will take advantage to break the lower price range of $14,600. A break below $14,600 support will sink the crypto to the low of $13,500. In the last 48 hours, the crypto is not fluctuating but consolidating in a tight range. The price action is characterized by small body candlesticks called Doji or Spinning tops. This price representation of small body candlesticks indicates that sellers and buyers are undecided about the market direction of Bitcoin. This is the reason for the present range-bound movement.

Bitcoin Drops Sharply After Announcement of Successful COVID-19 Vaccine Trials
On November 9, the pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, made a public declaration of a breakthrough in its COVID-19 vaccine. The company claimed that the COVID-19 vaccine has roughly 90% effectiveness. These results came after testing 43,538 subjects. Meanwhile, final approval is being expected from the United States Food and Drug Administration. Apparently, after the announcement, Bitcoin dropped sharply from the vaccine news. A drop from $15,800 to $14,815, based on TradingView data. Nonetheless, many have expected Bitcoin to rebound, just as it did after the original COVID-19 pandemic news in March.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has continued to fluctuate below the $16,000 overhead resistance. On November 5 uptrend, BTC was resisted. The last retraced candle body tested the 61.8% Fibonacci retracement level. Incidentally, this implies that Bitcoin will rise and reach level 1.618 Fibonacci extension. That is the coin will reach a high of $17,487.10.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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