Bitcoin Price Prediction: BTC/USD Is Range-Bound Between $17,800 and $18,800, Upward Move likely

Bitcoin (BTC) Price Prediction – November 24, 2020
Following its recent retest at the $18,800 overhead resistance, buyers are yet to push BTC price above the overhead resistance. Rather the price movement has been confined within a price range. Yesterday, BTC/USD was repelled after failing to break above the $18,800 resistance.

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

BTC/USD – Daily Chart

Between November 21 and November 24 is about four days when BTC retested the $18,800 overhead resistance. In other words, Bitcoin has been in a downward correction for the past four days without resuming the upside momentum. We have seen in the previous price action that Bitcoin uses about a day or three days correction before resuming uptrend. In the meantime, Bitcoin is fluctuating between $17,800 and $18,800. The upward move of the coin has been impeded at the $18,800 resistance.

Bitcoin is currently facing rejection at $18,600 and $18,800. On the upside, a strong bounce above $18,400 will propel the price to break the resistance at $18,600 and $18,800. The momentum will extend above the $19,000 high. However, where the upside momentum fails to resume, sellers will take advantage to break below the $17,800 support. This will sink the coin to either $17,400 or $16,600 low

Bitcoin Goes up While Coinbase Goes Down: Exchange Outages and Trader Outrage
Many users have indicated that when Bitcoin and other crypto assets are volatile, the exchange sometimes goes offline without warning. According to reports, these outages can prevent customers from buying or selling their crypto assets. In view of this, Coinbase has suffered multiple outages since March. For example, between March and November, the exchange recorded nine different issues leading to various types of outages or connectivity problems. In all these, the impact on the customer is unclear.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is not trending at the time of writing. BTC price is still fluctuating in a confined range. On the upside, if the BTC price breaks the resistance at $18,800, a rally above $19,500 is expected. Nevertheless, on November 18 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the market will rise to level 1.272 Fibonacci extensions or $19,142.0 and reverse. However, the reversal will not be immediate.

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.