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Bitcoin Price Prediction: BTC/USD Slumps to $15,824 Low after Reaching the Target Price of $16,400

Bitcoin (BTC) Price Prediction – November 14, 2020
BTC/USD has a strong bullish momentum that faces rejection at a $16,400 high. The king coin has been in a downward move. BTC retraced to $16,000 support and corrected upward. The downtrend resumes after retesting the $16,300 high. Today, BTC is trading at $15,824 at the time of writing.

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

BTC/USD – Daily Chart

Today, Bitcoin has retraced to the support at $15,800 and resumed upward. Previously, the $15,800 was a resistance level that was earlier broken. In that price action, BTC was range-bound between $15,000 and $15,800 before the recent breakout that catapulted BTC to a $16,400 high. Buyers are pushing BTC to return above the $16,000 support. If buyers are successful, a retest at the $16,400 is possible. On the upside, a break above the $16,400 resistance will enable BTC to rally above $17,000.

However, in the meantime, BTC is struggling to break above the $16,000 support. On the downside, if the bears break below the $15,800 support, BTC will return to the previous range bound zone of $15,000 and $15,800. Nonetheless, the crypto is still on a downward move at the time of writing. The king coin is trading above the 80% range of the daily stochastic. It indicates that the coin is trading in the overbought region of the market. In other words, sellers may emerge.

Belarus’ Largest Bank Launches Crypto Exchange Service as Reported by a Local News Agency Prime Press
Belarusbank, the largest financial institution in Belarus, has launched a cryptocurrency exchange service. According to the local news agency, the new service is available to citizens of Belarus and Russia. The bank intends to extend the list of countries supporting the service and the supported cryptocurrencies. Belarusbank allows users to exchange cryptocurrency using a Visa payment card. The new service enables trading crypto against the Belarusian ruble, United States dollar, and the euro.

BTC/USD – 4 Hour Chart

Nevertheless, after the recent rally at the $16,400 high, BTC suddenly drops to 15,824 and later pulled back. There are chances of further upward move according to the Fibonacci tool. On November 6 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise and reach level 2.0 Fibonacci extension. This is equivalent to $18,154.50 high.

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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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