Bitcoin price analysis 15 Nov: is it time for a correction?

Bitcoin could struggle to resume the uptrend

Representation of gold bitcoin tokens on top of a computer table displaying a price chart                                 
What’s in store for the price of bitcoin? – Photo: Shutterstock
                                

The Securities and Exchange Commission stuck with its earlier stance and rejected the bitcoin exchange-traded fund proposal by VanEck that would have tracked bitcoin directly. The SEC said that the Cboe BZX Exchange, which had filed the application to list the VanEck bitcoin fund, did not do enough to convince the regulator that it could protect investors’ interests by preventing fraudulent trading.

Bitcoin’s demand is largely driven by investors who view it as a hedge against rising inflation, said Bloomberg economists. They pointed out that bitcoin hit a high of $69,000 on the day when the US consumer prices rose at the fastest pace since 1990.

"Our model shows that for bitcoin, the importance of inflation and hedging against uncertainty become more important drivers over time, accounting for 50% of price moves in the latest cycle relative to 20% in 2017," said Bloomberg economists Björn van Roye and Tom Orlik, Business Insider reported. 

Bitcoin’s narrative of being a better bet against inflation than gold seems to be finding greater acceptance among institutional investors. That has boosted Grayscale’s assets under management to over $60bn, surpassing the popular gold fund, SPDR Gold Shares (GLD). 

Will bitcoin go up from the current levels and resume its uptrend or continue to slide? Let’s see what charts project. Read our BTC price analysis to find out.

Bitcoin price technical analysis: weekly chart

A candlestick chart displaying the price of bitcoin on a weekly basis
Bitcoin technical analysis, weekly – Credit: Currency.com

The bulls pushed BTC’s price to a new all-time high of $69,055 last week but the long wick on the candlestick suggests profit-booking at higher levels. The BTC/USD pair rallied 3.49% to finish the week at $65,516.80.

Both moving averages are sloping up and the relative strength index (RSI) is close to the overbought territory, indicating that the path of least resistance is to the upside.

If bulls do not give up much ground from the current level, the pair will try to resume the uptrend. The short-term target is $75,000, where the bears may mount a stiff resistance, but if the bulls can bulldoze their way through, the up-move may continue. The next target objective on the upside is a rally to $95,237. 

Conversely, if the price fails to sustain above $65,000, short-term traders may book profits and the pair could drop to the 20-week exponential moving average (EMA). The bitcoin price analysis shows that the uptrend remains intact and a move higher to $75,000 may be possible.

Bitcoin price technical analysis: daily chart

A candlestick chart displaying the price of bitcoin on a daily basis
Bitcoin technical analysis, daily – Credit: Currency.com

The bulls are struggling to sustain BTC’s price above $65,000, which suggests that traders may be booking profits on rallies. But a positive sign is that dips to the 20-day EMA continue to attract buying from bulls.

Both moving averages are sloping up and the RSI is in the positive zone, indicating that buyers have the upper hand. The bulls will now try to push the price above the all-time high at $69,055. If they succeed, the uptrend may resume.

The bears are likely to have other plans as they will try to stall the up-move in the zone between $65,000 and $69,055. If the price turns down from this zone, the possibility of a break below the 20-day EMA will increase.

If that happens, the pair could decline to the 50-day simple moving average (SMA). The downside momentum could pick up further on a break and close below $57,500.

Bitcoin buy or sell at current levels

Bitcoin price analysis shows that the bulls are facing strong resistance in the zone between $65,000 to $69,055. If the price turns down from this zone and slips below the 20-day EMA, it will signal that the bulls may be losing their grip. The bulls will have to push and sustain the price above $69,055 to indicate the resumption of the uptrend.

The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before arriving at a decision.

Bitcoin to US Dollar
Daily change
54027.2
Low: 54023.2
High: 55196.8

Further reading

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