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.

Resistance levels:

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.

Support levels:

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.