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Bitcoin (BTC) Price Analysis for November 15

Do buyers have the power to get the rate of Bitcoin (BTC) to $16,500 next week?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The last day of the week has turned out to be neither bullish nor bearish as some coins have entered the correction phase, while the rates of others keep rising.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Although there is slight uncertainty on the market, its capitalization index has risen by $2 bln and is now at $458 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $296,180,734,012

  • Price: $15,976.63

  • Volume (24h): $26,026,327,113

  • Change (24h): 0.35%

The data is relevant at press time.

BTC/USD: Are bulls going to reach $16,500 next week?

Bitcoin (BTC) is the biggest gainer among the Top 3 coins over the last week. The price change has constituted 5% while its rate has increased by only 0.35% since yesterday.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, the leading crypto is located between the support of $15,900 and the resistance at $16,500. The bullish trend remains relevant as bears have not seized the initiative over the weekend. However, to keep rising, buyers need more energy. In this case, one may expect a short-term decline to the support line of the Bollinger Bands indicator at $15,900.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, the situation is reversed. The selling volume keeps declining, which means that sellers are not going to push the rate of Bitcoin (BTC) down.

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Thus, the rising channel has not been broken yet, confirming bulls' potential. If nothing changes, the peak of $16,500 may be retested at the beginning of next week.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) is overbought based on the RSI indicator. Although the short-term perspective is bullish, the correction is about to happen soon. If bulls fail to fix above $16,000, the closest vital support that maybe tested by the end of the month is $14,800.

Bitcoin is trading at $16,076 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com