Bitcoin Is in a Narrow Range as It Faces Stiff Rejection at $17,200

Key Highlights
BTC price consolidates above $16,000
Bitcoin risks decline to $14,106.32 low

Bitcoin (BTC) Current Statistics
The current price: $16,649.61
Market Capitalization: $349,640,771,152
Trading Volume: $27,088,262,207
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis November 18, 2022
Bitcoin (BTC) has stopped moving downward despite trading in a bearish trend zone. The largest cryptocurrency is now restricted to prices between $15,500 and $18,150. Buyers who tried to drive Bitcoin back up to its previous highs were turned away. On the upside, the $18,150 and $17,200 price levels present BTC price with significant resistance. The bears have transformed those price levels into zones of resistance.

Buyers who attempted to keep the price over the top of $17,200 were turned away on three occasions. On the downside, the price of BTC fell to a low of $16,345 before starting to consolidate once more over the recent support. However, Bitcoin would collapse and retrace its steps to the prior low of around $15,500 if it reverses from the most recent high and breaks below the existing support. According to the price indication, BTC/USD may decline even further and hit a low of $14,100.

Bitcoin Technical Indicators Reading
At level 32 of the Relative Strength Index for period 14, Bitcoin is still in a decline. The price of cryptocurrency could fall even more. As long as the price bars are below the moving average lines, Bitcoin will keep losing value. It is below level 20 of the daily Stochastic and in the oversold region, which could attract buyers.

Conclusion
BTC/USD is still moving within a limited range. The price fluctuation has been little during the past week. The price movement has been defined by Doji candlesticks, which have small bodies and are indecisive. In the meantime, Bitcoin’s downward trend from November 9 had an upward correction, and a candle body tested the 78.6% Fibonacci retracement level. According to the correction, BTC will decline but turn around at the level of the 1.272 Fibonacci extension, or $14,106.32.

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