Bitcoin Price Prediction: BTC/USD Gets Ready to Break above the Long-Awaited $16,000 Level ByAzeez MustaphaPRO INVESTOR Updated: 11 November 2020 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin (BTC) Price Prediction – November 11 Stability has returned to the market, with Bitcoin bouncing towards the long-awaited resistance level of $16,000. BTC/USD Long-term Trend: Bullish (Daily Chart) Key levels: Resistance Levels: $16,700, $16,900, $17,100 Support Levels: $14,700, $14,500, $14,300 BTCUSD – Daily Chart According to the daily chart, BTC/USD is projected in an ascending broadening wedge as price currently targets a $16,000 resistance level. The bulls have been gaining control of the market since October. Though, $15,800 has been a crucial price level for the bulls to surpass in the past few days of trading. The coin is now hovering above the 9-day and 21-day moving averages at $15,936, ready to break above the upper boundary of the channel. What to Expect from Bitcoin (BTC) Since the last high at $15,977, BTC/USD is yet to throw another significant price level. Looking at the movement of the market, the bulls may encounter a solid resistance at the above price level. At the moment, the Bitcoin price still appears heading up; a possible bullish break could look for the potential resistance at $16,500. Getting rejected may drop the price to the nearest support of $15,000. However, the next few days of trading would determine the next price level. Meanwhile, for the past two weeks, BTC/USD has attempted to breach the $15,900 level which was last rejected around $15,977. Moreover, the technical indicator RSI (14) is within the overbought region. Therefore, if the current price successfully surpasses the mentioned level, the next bull-run would meet $16,700, $16,900, and $17,100 resistance levels. A strong rejection may plunge the Bitcoin price to the supports at $14,700, $14,500, and $14,300 supports. BTC/USD Medium – Term Trend: Bullish (4H Chart) Since the price of BTC falls from the resistance level of $15,977 a few days ago, the 9-day and 21-day moving averages have been strong support and resistance levels. Now, if price crossover the upper boundary of the channel, BTC/USD may print a new high around $16,200. BTCUSD – Daily Chart However, the technical indicator RSI (14) is seen moving above the 40-level, any further bullish movement may likely take the Bitcoin price to the resistance level of $16,400 and above. In other words, a break below the 9-day and 21-day moving averages could plunge the BTC price to the supports at $15,400 and below. Join Our Telegram channel to stay up to date on breaking news coverage