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Bitcoin (BTC) Price Analysis for November 20

Sun, 11/20/2022 - 13:40
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Denys Serhiichuk
Is Bitcoin (BTC) ready for short-term bounce back?
Bitcoin (BTC) Price Analysis for November 20
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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 situation has almost not changed since yesterday as bears remain more powerful than bulls.

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Bitcoin (BTC) is one of the least falling coins, going down by only 0.05% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly time frame, Bitcoin (BTC) is trading sideways between the support at $16,550 and the resistance at $16,713. The daily ATR has almost passed, which means one should not expect any sharp moves until the end of the day. Thus, a new gap will be formed at the $16,530 mark, where trading on CME closed.

BTC/USD chart by TradingView

On the bigger chart, today's drop has not affected the position of Bitcoin (BTC). The price keeps trading sideways with neither bullish nor bearish signals.

Ethereum (ETH) Price Analysis for November 19

However, if buyers want to seize the initiative, they should bring the rate back to the nearest resistance level at $17,240.

BTC/USD chart by TradingView

Even though the previous weekly candle was bearish for Bitcoin (BTC), the current one is likely to close in the green area. If that happens, traders might hope for a short-term correction to the resistance zone around $18,000.

Bitcoin is trading at $16,588 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