Bitcoin Holds above $16,000 as It Attempts a Possible Rally

Share On Facebook
share on Linkedin
Print

Key Highlights
BTC price fluctuates between $15,500 and $17,000
Bitcoin is in a decline as it continues sideways move

©

Bitcoin (BTC) Current Statistics
The current price: $16,546.99
Market Capitalization: $347,486,747,660
Trading Volume: $19,237,455,813
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis November 26, 2022
Bitcoin (BTC) is consolidating above the $16,000 support and is in a decline. The market activity over the last four days has been marked by Doji candlesticks, which have small bodies and are indecisive. Due to the presence of Doji candlesticks, there has been minimal fluctuation in the price of BTC. The largest cryptocurrency trades in a range between the $17,000 high and the $16,000 support.

In other words, the price of BTC varies just slightly, between $16,000 and $17,000. A comeback or breakout is likely to happen as long as the price is in a volatile state. If Bitcoin prices increase, they will pass through the $17,200 and $18,000 resistance levels. The positive momentum will continue up to the symbolic price level of $20,000. On the other hand, because it is in a bearish trend zone, Bitcoin is vulnerable to a decline. Bitcoin will come under further selling pressure if the 21-day line SMA rejects it. The fall will begin as soon as the bears’ breach below the $15,588 support.

Bitcoin Holds above $16,000 as It Attempts a Possible Rally

Bitcoin Technical Indicators Reading
The Relative Strength Index for period 14 shows that Bitcoin is still moving in a range at level 32. The price bars are below the moving average lines, indicating a further decrease. The daily Stochastic is above level 50, indicating bullish momentum for Bitcoin. At the most recent high, the upward trend is, however, being rejected.

Conclusion
As it trades in a constrained range, the price of Bitcoin (BTC) reaches bearish exhaustion. Bitcoin has been fluctuating between $15,500 and $17,000 for the past week. Since Bitcoin fluctuates below the $17,000 high, the upward movement has been constrained. The Doji candlesticks are currently dominating the market action, which is causing the BTC price to stabilize at over $16,000.

Learn from market wizards: Books to take your trading to the next level

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20230202 21:43:10