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Bitcoin (BTC) Price Analysis for November 18

Fri, 11/18/2022 - 13:31
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Denys Serhiichuk
Does Bitcoin (BTC) have enough power for local reversal?
Bitcoin (BTC) Price Analysis for November 18
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market might have found the local bottom as most of the coins are in the green zone.

Top 10 coins by CoinMarketCap


The price of Bitcoin (BTC) has risen by 1.54% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has made a false breakout of the support level at $16,724. Meanwhile, the price has almost touched the resistance at $16,833.

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Currently, the rate is closer to the bottom line, which means that bears are more powerful than bulls. If the fall continues, there are chances to see the test of the $16,640 zone soon.

BTC/USD chart by TradingView

On the bigger time frame, the situation is unchanged as sideways trading remains the more likely scenario for the upcoming days. In this case, one should expect consolidation in the range of $16,400-$17,000.

BTC/USD chart by TradingView

On the weekly chart, bulls have the chance to seize the initiative as the fall has not continued after the bearish candle closure. If the price approaches the $17,000 mark, one can expect an upward move to $17,500-$18,000 next week.

Bitcoin is trading at $16,756 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at