Bitcoin (BTC) price appears to have taken a short breather after hitting a new 2020 high of $ 15,960 on November 5th.

The 1 hour and 4 hour time frames show the price is flagging, and for most of the trading day, the $ 15,500 level is held as support. $ 15,750 is the level Bitcoin has to beat to keep making another $ 16,000.

The Dragonfly candle sounded during the last hour as the price fell to test the lower support of the bullish flag to $ 15166, and as the formation nears its end, traders will be looking for a breakout that would push through the 15500 level to 15600. A dollar where the oversized VPVR node hides.

There is clearly little fighting between the bears and the bears, and a change in the $ 15,600 level to support the 4-hour close will increase the likelihood that BTC will make its third flight of $ 16,000.

The RSI also continues to rise above 70, which is a bullish signal, but daily buying volume eased slightly after some traders made gains as BTC rose to $ 15,900.

Instead, the drop below the $ 15,100 flagpole opens up a drop of $ 14,680 for 20 mAh. The rapid vertical discontinuity occurred roughly 4-5 November without creating any “new support”, and seen from the volume profile, the visible area shows that there is a gap between $ 13900 and $ 15,500.

In the event that the price drops below $ 15,100 and buyers are not seeing this as a buying opportunity in the downturn, there is an opportunity to test the $ 14,000 to $ 13,800 level as support.

While a drop of 9% and $ 1,400 is unnecessary, a test of low support is normal and useful after strong combos like this week.

When the bitcoin price looks for direction, altcoins have regained some of the vast territory they lost in the past two months. Ether (ETH) has been the most visible leader in recent days as altcoin soared to $ 447 and is currently struggling to breach the $ 450 resistance.

Yearn Finance (YFI) also made a strong move, jumping more than 30% to $ 11,100. The UNI token for Uniswap has been a hit, adding 15.5% and is currently trading at $ 2.53.

According to CoinMarketCap, the total cryptocurrency market cap is now $ 444.6 billion, and Bitcoin’s dominance is 64.7%.

Source: CoinTelegraph

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