Nov 7
VOT Research Report
Analytics and Considerations
Retesting the $20,970 support level, the price of bitcoin suggests a pause before the subsequent leg.
Investors should anticipate BTC to launch a run-up past $22,000 if the current support structure holds.
This short-term bullish structure will be discredited and losses will be predicted if a daily candlestick closes under $20,742.
Buyers can gather their thoughts and get ready for the following leg as the price of bitcoin clearly retests the immediate support level. Bullish implications result from this development, especially if the existing footing holds firm.
Price of bitcoin is aiming to increase.
The price of bitcoin decreased by 3% after reaching a local peak of $21,473. After the spectacular upswing of last week, we needed a downswing to let off steam. Investors should anticipate an increase in purchasing pressure when BTC retests the $20,970 support level, pushing it upward.
The Relative Strength Index (RSI), which is currently sitting around the median at 50, is supporting this increase for the major cryptocurrency. The bullish and bearish momentums has refreshed, giving both sides a chance to gain control, according to the RSI’s current position.
The support level described above increases the likelihood that the price of bitcoin will rise and aim for the ceiling at $22,106. In an extremely optimistic scenario, BTC might try to retest the psychological milestone of $25,000.
BTC/USD
Although the odds are clearly in favor of the bulls, a further rise north of the $20,970 support level is required for the price of bitcoin. The optimistic view would be thrown out the window and a sell-off would start if the sellers turned the $20,742 footing into a resistance level.
The significant rise in selling pressure might cause the price of bitcoin to $20,053, where the sell-stop availability is located. $19,706 would be a reliable support level that could withstand the approaching bearish momentum.
