BTCUSD: Is the Sideways Movement About to End? ð Nov. 18
After the deep sell-off seen last week, Bitcoin was unable to recover from the lows and has continued trading around $16,000.
Our previous analysis marked the resistance at $18,500 as an important level that the price needed to reclaim in order to show signs of strength. However, it failed, indicating a major sign of weakness in the price at the moment.
In the 4-hour time frame, we can see that Bitcoin has been consolidating in a sideways trend after the deep sell-off. It is too early to say whether we will see a breakout on the higher or lower side, however, a slight bullish RSI divergence can be seen.
If the price is able to reclaim the resistance at $18,500, it will be a great sign for the bulls. However, if the lower support at $15,600 is broken, we can expect a sharp fall, forming a new 52-week low. Traders should wait for a clear breakout on either side before taking any positions to minimize risk!
The major points of interest are $18,500 and $15,600.
Our previous analysis marked the resistance at $18,500 as an important level that the price needed to reclaim in order to show signs of strength. However, it failed, indicating a major sign of weakness in the price at the moment.
In the 4-hour time frame, we can see that Bitcoin has been consolidating in a sideways trend after the deep sell-off. It is too early to say whether we will see a breakout on the higher or lower side, however, a slight bullish RSI divergence can be seen.
If the price is able to reclaim the resistance at $18,500, it will be a great sign for the bulls. However, if the lower support at $15,600 is broken, we can expect a sharp fall, forming a new 52-week low. Traders should wait for a clear breakout on either side before taking any positions to minimize risk!
The major points of interest are $18,500 and $15,600.
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