Bitcoin Technical Analysis Report | 18th November 2024
Bitcoin (BTC) extended its bullish momentum this week, gaining over 12.5% as it approached its all-time high. The bears made an attempt to initiate a pullback on Nov. 14, but the bulls firmly defended their positions, keeping the price action within a narrow consolidation range near the peak levels. This sustained buying pressure has raised the likelihood of an upward breakout. The broader crypto market has also benefited from Bitcoins rally, with several altcoins experiencing notable gains. However, traders should remain cautious. If Bitcoin struggles to decisively break and sustain a new all-time high, the potential for profit-taking could increase, leading to a short-term dip in both BTC and the wider market. Strategic risk management remains key in navigating this volatile phase.
At the time of writing, BTC was trading at $90,572.
BTC, after making the all time high of $73,777, was trading in the Descending Channel pattern. The asset gave a massive breakout above the channel and made a new all time high surging up to $93,265. Post this move, on a daily time frame, BTC is consolidating and trading in a range from $86,000 to $90,800. To further rally, it needs to break and sustain above $93,265 whereas $85,000 will now act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $77,000 | $85,000 | BTC | $93,265 | $100,000 |
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