The ‚bull flag‘ pattern will determine whether bears lower the price of Bitcoin to $14,000 or whether bulls finally reach the $16,000 mark
The price of Bitcoin ( BTC ) seems to be breathing a bit after reaching a new record of $15,960 on November 5.
The 1 and 4 hour terms show the price compression within a flag and for most of the trading day the $15,500 level has remained supportive. $15,750 is the level that Bitcoin needs to break to seek another $16,000 attempt.
In the last hour, a candle was formed when the price dropped to test the lower support at $15,166, and as the formation nears its end, traders will look for a break that will push the level from $15,500 to $15,600, where a high volume VPVR node hides.
Clearly, there is a small dispute occurring between bulls and bears, and reversing the $15,600 level to support with a 4-hour close will increase the chance that crypto trader will make a third run at the $16,000 mark.
The RSI also continues to rise above 70, a bullish signal, but daily buying volume declined slightly after some traders secured profits as BTC rose to $15,900.
Alternatively, a drop below the support flag at $15,100 opens the door for a 20-MA touch at $14,680. The quick, almost vertical break that occurred November 4-5 occurred without establishing any ’new support‘ and, like the volume profile, the visible banner shows that there is a gap that extends from $13,900 to $15,500.
In case the price drops below $15,100 and buyers do not see this as a low buying opportunity, there is the possibility of a new test of the $14,000 to $13,800 level as support.
Altcoins finally find their way
As the price of Bitcoin seeks guidance, the altcoins have recovered a bit of the vast territory lost in the last two months. Ether (ETH) is the most notable leader of the last few days, with altcoin rising to $447 and currently trying to break resistance at $450.
Yearn Finance (YFI) also made a strong move, rising over 30% to $11,100. The Uniswap UNI token also moved with the 15.5% increase and is currently trading at $2.53.
According to CoinMarketCap , the overall market capitalization of the cryptomaps is now $444.6 billion and the Bitcoin dominance rate is 64.7%.