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BTC/USD Tests Key 15996.17 Level: Sally Ho's Technical Analysis 6 November 2020 BTC

BTC/USD Tests Key 15996.17 Level: Sally Ho's Technical Analysis 6 November 2020 BTC

Bitcoin (BTC/USD) pared some of its massive recent gains early in today’s North American session as the pair depreciated to the 15439.67 area after trading as high as the 15977.67 area in the Asian session, a test of the 15996.17 area that represents an upside price objective related to buying pressure that emerged around the 6430 area.  During the European session, BTC/USD traded as low as the 15301.11 area, just below the 15308.78 area that represents an upside price target related to buying pressure that emerged around the 6854.67 area.  Many Stops were elected during the pair’s recent significant appreciation, and these include above the 14649.74, 14825.82, 15007.55, 15093.00, 15347.78, and 15479.66 areas.  Additional upside price objectives include the 16085.25 levels, 16125.14, 16275.77, 16690.89, 16815.04, and 16945.67 levels.  Following the pair’s recent ascent, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 15325.68, 15042.66, 14988.00, 14922.33, 14753.84, 14569.57, 14310.71, 14101.50, and 13989.55 levels. 

Stops were recently elected below the 13609.26, 13451.74, 13224.44, and 13197.13 levels during the recent pullback, levels related to the recent appreciating range from 12785.00 to 13863.87.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels.  Another important technical level includes the 11510.44 area, representing the 50% retracement of a historical depreciation from 19891.99 to 3128.89.  Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 13904.41 and the 50-bar MA (Hourly) at 14781.61.

Technical Support is expected around 13260.30/ 12847.95/ 12563.28 with Stops expected below.

Technical Resistance is expected around 15996.17/ 16125.14/ 16293.88 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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