Bitcoin Update – 18. Nov 2020
Bitcoin is in “Beast Mode”. It has gone parabolic and yesterday’s yearly high stands at 18,520$, for now. The trend is overextended and the daily RSI is in overbought levels, although not in extremes. However, Bitcoin can thrive in this kind of environment longer than normally expected.
There’s not much resistance left above the price which is currently at $17,850. If the price starts closing candles above $18,270 and finds acceptance, there is a good chance that the price will surge past 19K all the way towards ATH.
The first level is at $17,249 which is confluent with the 2018 monthly swing high and the green trend line which represents the accelerated uptrend. The next level is the $15,770 S/R level. The main level is at $13,880. This is the quarterly S/R level based on a closing candle. This level will be a magnet if the price starts breaking down.
A quick tip: Take at least some profits if you haven’t done that already. The volatility is high, don’t use high leverage.