Bitcoin price action currently has two elements: that calmness in the markets after the whipsaw price action of last week and the fact that price action in BTC itself is being underpinned. That level comes at $16,000, where $16,020 sees some good support for a second week. Ideally, it would be good for Bitcoin price to close above the close from Monday, which does look too hard to get done.

BTC price is set to get pumped as supportive elements are present, and the current calmness in the markets could see Bitcoin jump toward $18,000. That would mean that the red descending trend line is losing interest again. Should the calmness continue with markets getting a bit of geopolitical fatigue, even $19,036 could be in the cards for the end of November.

As Zelensky alluded to in his speech on Monday after visiting Chesson, peace talks could get underway. However, the devil is in the details here. The US has been holding high-level talks with Russia already, and a clear impasse has emerged. Russia could still re-escalate the situation and still holds quite a lot of nuclear options to retaliate, which would mean that BTC price is still at risk of breaking below $16,020 and hitting $15,000 in the wake of that escalating event taking place.

This breakdown has been accompanied by one of the worst crypto catalysts to date, weighing on investor sentiment and asset prices. Combine the native crypto catalyst in the FTX-Alameda blowup with a continued bleak macroeconomic backdrop that has not materially changed, and continuation to the downside is the path of least resistance at this point as opposed to a reversal," Delphi's team noted, citing support between $14,000 and $16,000.

Bitcoin to be traded for only short term holdings

farhan fazal

Nov 15 2022

Entered +0.61%

Holding time 15d 17hr

17068.60

Current price

21369.66

Take profit price