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Bitcoin Price Prediction: BTC/USD Trades Under $16,000; Can the Bulls Build Support?

Bitcoin (BTC) Price Prediction – November 14

The daily chart reveals that the Bitcoin price is following the bearish movement as the price falls to touch the daily low of $15,708.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $17,500, $17,700, $17,900

Support Levels: $15,000, $14,800, $14,600

BTCUSD – Daily Chart

BTC/USD just three days ago was seen trading above the $16,000 level, but a failure to hold above the key resistance level sent the cryptocurrency tumbling. In the last few moments, the first digital asset fell below $16,000 for the first time in the last three days but is it possible for the bulls to hold this important support?

What to Expect from Bitcoin (BTC)

The last trip to the $16,000 level could be the last for some time, now that the Bitcoin (BTC) is trading at $15,944 sliding towards the 9-day moving average. However, if the market continues to go down, Bitcoin’s price may drop to $15,500, and should this support fails to contain the sell-off, traders may see a further drop to $15,000, $14,800, and critically $14,600. The resistance levels to watch are $17,500, $17,700, and $17,900 respectively. Meanwhile, the RSI (14) is crossing below the overbought region, suggesting that more bearish signals may likely play out in the market.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

The 4-hour chart reveals that the market is showing a sign of weakness as the price couldn’t move above the moving averages. However, the intraday trading is still looking bearish; following the recent rebound at $15,708 which is the key support level. The next key support levels lie at $15,400, $15,200, and $15,000.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $16,000 resistance. A climb above the mentioned resistance may further push BTC price to $16,600, $16,800, and $17,000 resistance levels. As it appeared now, it seems the bears may likely return into the market as the RSI (14) is now moving below the 55-level and could continue the downward direction.

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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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