Bitcoin Price Prediction: BTC/USD Faces Rejection at $18,500, Consolidates Between$17,450 and $18,250

Bitcoin (BTC) Price Prediction – November 18, 2020
Today, BTC/USD rallied to $18,450 but it was repelled almost at the same time. The coin fell to $17,450 and corrected upward. Presently, the King coin is fluctuating between $17,450 and $18,250 as bulls find penetration difficult at the $18.500 high.

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

BTC/USD – Daily Chart

For subsequent upward move, Bitcoin has to battle the resistance at $18,500. Analysts believe that the $18,500 resistance is a major resistance level where breaking the resistance level will catapult Bitcoin to a greater price level. In other words, a break above $18,500 will push Bitcoin to rally above the $20,000 price level. In the meantime, the price movement has been restricted between $17,450 and $18,250. To push upward, buyers have retested the $18.250 resistance twice. The price has been repelled as it consolidates above the lower price range.

On the upside, a breakout at the $18,250 or $18,500 will propel BTC to a high of $20,000. Similarly, a breakdown below $17,450 will sink BTC to a low at $16,700. Meanwhile, since October 29, Bitcoin has been trading in the overbought region above the 80% range of the daily stochastic. This indicates that the bulls have control of the market than the bears. Bitcoin is also trading in a strong trending market as the overbought region of the market fails to hold.

Mexico’s Second Richest Man Invests 10% of His Liquid Portfolio in Bitcoin
Ricardo Salinas Pliego is the 166th wealthiest person in the world. In Mexico, he is the second wealthiest person and has indicated that 10% of his “liquid portfolio” has been invested in Bitcoin. The billionaire shares a video captured in “a Latin country”. According to him, he said: “He asserted that “paper money is worth nothing,” adding: “That is why it is always good to diversify our investment portfolio.”

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has risen and surpassed the projected price level. On November 6 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will rise and reach level 2.0 Fibonacci retracement level. That is the high of $18,270.40.

Remember, all trading carries risk. Past performance is no guarantee of future results.

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.