Bitcoin Continues Its Ascent Toward $17,000

2020-11-17 12:32

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.

BTC Chart By TradingView 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.

BTC Chart By TradingView 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.

BTC Chart By TradingView

If the price completes the formation as expected, BTC could see one final decrease towards $16,300 before completing its final upward move towards the top.

BTC Chart By TradingView 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

The post Bitcoin Continues Its Ascent Toward $17,000 appeared first on BeInCrypto.

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