Bitcoin Price Prediction: BTC/USD Breaks Current Price Range, Slumps Below $15,000

Bitcoin (BTC) Price Prediction – November 7, 2020
Yesterday, BTC/USD rallied to a high of $15,888 but was resisted.The king coin now consolidates between $15,400 and $15,888. Possibly, this present consolidation will result in a breakout at a high of $15,888. On the other hand, a breakdown below $15,400 will push the downward.

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

BTC/USD – Daily Chart

Since October 21, Bitcoin’s price has been in upside momentum after a successful breaching of the resistance levels. On November 5, Bitcoin traded and reached a high of $15,888. Nevertheless, for the past two days, BTC has been in a sideways trend. The coin now fluctuates between $15,400 and $15,888. The bulls have been finding penetration difficult at the recent high. Possibly, there is a likelihood of a further upward move if a breakout occurs at the $15,888 resistance.

A breakout will push BTC to a high of $16,500. Conversely, the bears have not been able to break below the $15,400 low. A breakdown will make BTC fall to the next support at $14,950. Meanwhile, Bitcoin has been trading in the overbought region since October 15. BTC has been trending higher despite the overbought condition of the market. Sellers may emerge if Bitcoin shows signs of weakness.

Chair Jerome Powell’s Latest Comment Is a “Code for Buy Bitcoin”
On November 5 Fed’s meeting on the state of the economy and a future measure, Powell was addressing a news conference. He said Congress should agree to a further fiscal stimulus as U.S. public debt reached $27.2 trillion. The United States Federal Reserve is inadvertently marketing Bitcoin, as Chair Jerome Powell suggests for more money printing. Tyler Winklevoss, in a tweet on Nov. 6, reacted that Powell’s latest speech this week was a “code for buy Bitcoin.”

BTC/USD – 4 Hour Chart

Nevertheless, on November 5 uptrend; BTC was resisted at $15,723 high. The retraced candle body tested the 78.6% Fibonacci retracement level. This retracement suggests that BTC will rise to a level of 1.272 Fibonacci extensions. This extension is the same as the high of $16,521.20. However, BTC is likely to reverse at the 1.272 Fibonacci extensions and returned to 78.6% retracement where it originated. Meanwhile, a breakdown below the $15,400 support has invalidated the above analysis.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      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.