The Bitcoin (BTC) price has been increasing at an accelerated rate since breaking out above the $15,800 area and a short-term descending resistance line.
While a short-term decrease could occur, BTC has likely not reached a top yet.
Bitcoin Boosts After Breakout Level Retest
On Nov 16, the BTC price retested the breakout level at $15,800 and created a bullish engulfing candlestick, reaching a high of $16,895 before decreasing slightly. Despite the bullish candlestick and validation of the $15,800 area, technical indicators in the daily time-frame have begun to show weakness. There is a bearish divergence developing in the RSI, the MACD has begun to decrease, and the Stochastic oscillator is close to making a bearish cross. This indicates that the price could be nearing a top. The closest long-term resistance level is found near $17,300.
Short-Term Breakout
The shorter-term two-hour chart shows that the price has broken out from a descending resistance line and accelerated afterward. While the price has been rejected near $16,800, creating two long upper wicks, there are no clear signs of weakness in the two-hour time-frame.
Wave Count
Bitcoin is likely in the fifth-and-final wave of a long-term upward move that is expected to take the price near $17,300. The minor count for the final wave shows that the price is also in the final sub-wave (shown in black below). Two separate Fib extensions give a target between $17,283-$17,332, coinciding with the long-term resistance area.
Conclusion
After a possible short-term decrease, BTC is expected to continue its upward move towards $17,300. For BeInCrypto’s previous Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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