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Bitcoin Price Prediction: BTC/USD Trades Above $17,800 Level; What Next?

Bitcoin (BTC) Price Prediction – November 17

BTC/USD is up by more than 5.19% as the price struck a sudden and bullish price spike above the $17,800 resistance level.

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

Key levels:

Resistance Levels: $18,600, $18,800, $19,000

Support Levels: $16,000, $15,800, $15,600

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD is flexing muscles above the critical resistance level. The coin moves above $17,700 to touch the daily high of $17,880 but now trading at $17,595 at the time of writing. The first digital asset is moving with strong bullish momentum above the 9-day and 21-day moving averages after a sustainable break above an important technical level.

What to Expect from Bitcoin (BTC)

As the Bitcoin breaks above the upper boundary of the channel, the return above $17,800 could set the framework for gains towards $18,200. Meanwhile, the technical analysis shows that the bulls are ready for another action especially when the up-trending RSI (14) is considered. Any further bullish movement above the daily high could pave the way for gains above $18,500. Other resistance levels may be located at $18,600, $18,800, and 19,000.

On the other hand, if the price falls back below the $17,000 level, breaking below the moving averages may cause the bears to wrestle out the control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important support may come at $16,500 while other supports may be located at $16,000, $15,800, and $15,600.

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

Looking at the 4-hour chart, the price of Bitcoin (BTC) is currently trading around $17,698 above the 9-day and 21-day moving averages. However, the 4-hour chart shows that the bullish supply is still very strong in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

Meanwhile, if the buyers could put more pressure, they can further push the price above the $18,000 resistance level. Therefore, breaking the mentioned resistance could allow the bulls to hit another resistance at $18,300 and above. In other words, the RSI (14) is currently moving within the overbought region, leaving this zone could push the market price to the support level of $17,200 and below.

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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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