Bitcoin (BTC) has surged up to $ 19,411 with an upward move starting from below $ 18,000 in weekend trading. In our November 14 Bitcoin analysis, we evaluated the latest situation of BTC/USDT.
Bitcoin (BTC) entered the $ 19,000 band, up 7 percent over the weekend. The closing of the week at $ 19,174 was a positive move for the continuation of its positive trend for the new week. However, sales coming from the $ 19,300 – $ 400 band show that this area is still a strong resistance.
Daily BTC/USDT Chart
The BTC/USDT, which started the new week with low volume, was swinging in the range of $ 18,970 – $ 19,370 in the morning. If Bitcoin steps into the $ 19,400 band today, buyers can take action to break this resistance area and we can see a new move towards the $ 19,800 band. For this, it is extremely important that BTC remains above $ 19,000 today.
Hourly closings to the $ 19,000 band will increase the selling pressure and a decline to $ 18,700 can be seen in the first place. Below this level, there is support of $ 18,423.
However, in the daily outlook, the stochastic RSI’s upward trend from the oversold zone has significant upward potential. This can support Bitcoin’s upward move with limited corrections.
If we look at the BTC/USDT daily outlook in terms of important moving average values; Bitcoin, which goes above the 8-day EMA value again, is likely to use this average as dynamic support. Accordingly, EMA 8, which is currently positioned at $ 18,800, can work as an intermediate support.
3-Hour BTC / USDT Chart
When we look at the latest situation of BTC with a 3-hour view, the horizontal movement to the 19,300 – 19,000 dollar band is seen more clearly. The outlook of the Stochastic RSI indicates a decline in the short term, indicating that a correction towards the $ 18,800 – $ 700 band is possible. This region is critical in downstream orientation and should be followed carefully. If the trading volume is buyer side, the area of $ 19,300 seems to be determinant for the continuation of the upward trend today.