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Bitcoin Price Prediction: BTC/USD Approaches $16,500; Could it Rise to $17,000 Level?

Bitcoin (BTC) Price Prediction – November 16

The Bitcoin price has overtaken the $16,000 price tag after struggling to remain above it during the weekend.

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

Today, BTC/USD is making a surprising move as the coin touches the daily high of $16,447. The first digital asset is cruising above the 9-day and 21-day moving averages. Looking at the past daily charts, we can clearly see that the current bullish movements started upon breaking the resistance level of $16,200 after the market experiences the bearish movements for two days.

Will BTC Break Through $16,500 Level or Reverse?

As the technical indicator RSI (14) remains within the overbought condition, the Bitcoin price is currently surpassing a critical ascending trend-line together with the horizontal resistance at $16,412. Any further bullish movement above it may fuel the continuation of the bullish movement towards the $16,800 and the psychological level of $17,200.

Moreover, the potential resistance lies at $17,500; the latter is followed by the $17,700, and $17,900 resistance levels. Meanwhile, in case of a correction, the current resistance level could serve as support. Any bearish movement below the 9-day moving average could lead to the supports at $15,000, $14,800, and $14,600.

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

On the 4-hour chart, BTC/USD touches a high of $16,447 after the price breaks above the 9-day and 21-day moving averages. However, as the technical indicator RSI (14) moves above the 60-level, the upward move may continue to face the resistance above the recent high.

BTCUSD – 4 Hour Chart

Meanwhile, on the downside, if the market price retraces and breaks below the moving averages within the ascending channel, the coin may further depreciate to the support of $15,800 and below. In other words, if the price retraces and finds another resistance near the channel, the uptrend could resume into the previous highs to hit the resistance at $16,800 and above.

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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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