Bitcoin Update – 23. Nov 2020
Bitcoin continues to push higher. Last week’s high mentioned in the previous update, has been broken and it now stands at $18,977. The support level mentioned in the previous update, the 2018 monthly swing high, did its job. The price bounced from it, retested it and started closing hourly candles above $18,270, and printed a new high. The price is currently consolidating below the high. Below you can read about the important levels that I’m watching right now.
Again there’s not much resistance left above the price which is currently at $18,543. If the price starts closing candles above $18,830 and finds acceptance, there is a good chance that the price will go past 19K all the way towards ATH.
The important level is at $17,249 which is confluent with the 2018 monthly swing high. A clean break below that level will signal a deeper pullback unless the level gets reclaimed in a short period of time.
Lower below 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: Keep your focus on altcoins, that’s where the money is right now.
Check our update from 5 days ago. Check HERE.