BTC May Breakup $17,538 Level

Buyers’ momentum is increasing

Bitcoin (BTCUSD) Price Analysis – 01 December

The Bulls may push up the Bitcoin to penetrate the $17,538 level and target $20,489 provided the resistance level of $18,439 does not hold. In case the just mentioned level holds, the price may continue a ranging movement.

BTC/USD Market

Key Levels:

Resistance levels: $17,538, $18,439, $20,489

Support levels: $15,724, $13,456, $11,450

BTC/USD Long-term Trend: Ranging

Bitcoin price is ranging on the medium-term outlook. The Bitcoin price reached the resistance level of $21,481 on 05 November. A bearish engulfing candle pattern formed at the same level; this is a bearish reversal candle pattern that triggered the Bears’ momentum. The price dropped to the $15,724 support level. It pulled back shortly to retest $17,528 but was unable to break up the level. Since then, the price has been ranging movement within $17,538 and $15,724.

The Bitcoin price is currently increasing toward the $17,538 price level, it has crossed the two EMAs upside and it is trading above 21 periods EMA and 9 periods EMA in which the latter is trying to cross the former downside to establishing the bullish trend.  The Relative Strength period 14 is at 48 levels and the signal lines bend up to indicate a buy signal.

The Bulls may push up the coin to penetrate the $17,538 level and target $20,489 provided the resistance level of $18,439 does not hold. In case the just mentioned level holds, the price may continue a ranging movement.

BTCUSD Medium-term Trend: Ranging

BTCUSD is ranging on the short-term outlook. The crypto is trading within the $17,538 and $15,724 levels since 11 November. It seems the bulls are gaining upper hand in the BTC market at the moment. The price is increasing toward the resistance level of $17,538.

The 9-periods EMA has crossed the 21-period EMA upside and Bitcoin is trading above the two EMAs. However, the Relative Strength Index period 14 is at 69 levels and the signal lines bend up to indicate a buy signal.   Bitcoin is reducing in price while Dash 2 Trade and IMPT coin are increasing in price.

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