Bitcoin (BTC) price appears to be on a break after hitting a new 2020 high of $ 15,960 on November 5.
The 1-hour and 4-hour timeframes show prices compressing in one flag and for most of the trading day the $ 15,500 level has been held as support. $ 15,750 is the level Bitcoin needs to break in order to pursue another crash at $ 16,000.
Within an hour ago, a dragonfly doji formed as the price swept low to test the lower support of the bullish flag at $ 15,166, and as this formation approached the terminal, traders would look for earning a breakout that will push past $ 15,500 to $ 15,600 where a large volume VPVR node hides.
Obviously, there’s a little controversy going on between the bulls and the bears, and a breakout of $ 15,600 to support a 4-hour close will increase the likelihood of BTC making a third at $ 16,000. la.
The RSI also continues to rise above 70, a bullish signal, but daily buying volume has decreased slightly after some traders secured profits as BTC rose to $ 15,900.
Additionally, a drop below the flag’s support at $ 15,100 will open the door to touch the MA 20 at $ 14,680. The rapid, almost vertical breakout that occurred between November 4 and 5 occurred without establishing any ‘new support’ and as the volume profile the range shown shows that How to expand from $ 13,900 to $ 15,500.
In the event that the price falls below $ 15,100 and the buyer does not see this as a bearish opportunity to buy, it is likely to retest the support from $ 14,000 to $ 13,800.
While a 9%, $ 1,400 drop is nothing to worry about, retesting the lower support is completely natural and wholesome after the sharp spikes seen this week.
Altcoins have finally found their way
As Bitcoin’s price seeks direction, altcoins have regained a small chunk of the vast territory lost in the past two months. Ether (ETH) has been the most notable leader for the past few days as this altcoin rallied to $ 447 and is currently trying to break through the resistance at $ 450.
Yearn Finance (YFI) also made a strong move as it climbed more than 30 percent to $ 11,100. Uniswap’s UNI token also made waves as it rose by 15.5% and is currently trading at $ 2.53.
According to CoinMarketCap, the total cryptocurrency market cap is currently at $ 444.6 billion and Bitcoin’s dominance rate is 64.7 percent.