Bitcoin (BTC) price appears to be taking a breather after hitting a new annual high of $ 15,960 on November 5th.
The time frame of 1 hour and 4 hours shows the price squeeze within a flag and for most of the trading day the $ 15,500 level held as support. The $ 15,750 level is the hurdle Bitcoin has to overcome in order to try to hit $ 16,000 again.
Over the past hour, a dragonfly-shaped doji candle has formed as the price declined to test the bullish flag’s lower support at $ 15,166 and as the formation approaches, Your latest traders will be looking for a breakout that pushes from $ 15,500 all the way to $ 15,600 where a high volume VPVR node is hiding.
Clearly, there is some struggle going on between the bulls and the bears, and turning the $ 15,600 level into support with a 4-hour close will increase the chances of BTC making a third run up to $ 16,000.
The RSI also continues to rise above 70, this in a bullish sign, but The volume of daily purchases decreased slightly after some traders decided to withdraw their profits as the price of BTC rose to $ 15,900.
Alternatively, a dip below the flag support at $ 15,100 opens the door to reach the 20-day moving average, which is currently at $ 14,680. The rapid near vertical breakout that occurred between November 4th and 5th occurred without establishing any “new support” and, like the volume profile, the visible range shows that there is a gap ranging from $ 13,900 to $ 15,500.
In the event that the price falls below $ 15,100 and buyers don’t see this as a buying opportunity during a dip, there is an option to retest the $ 14,000 to $ 13,800 level as support.
While a 9% ($ 1,400) drop is somewhat disturbing, Retrying lower support is perfectly natural and healthy after strong rallies like the one we saw this week.
Altcoins have finally found their way
As Bitcoin’s price seeks direction, altcoins have regained a shred of the vast territory they have lost over the past couple of months. Ether (ETH) is the most important leader in recent days, since altcoin It has reached $ 447 and is currently attempting to break out of the overhead resistance at $ 450.
Yearn Finance (YFI) It also made a strong move, bouncing over 30% to $ 11,100. The token Uniswap’s UNI also did its thing, adding 15.5% and currently its price is $ 2.53.
According to data from CoinMarketCap, The total market capitalization of cryptocurrencies is currently $ 444.6 billion and the dominance rate of Bitcoin is 64.7%.