Bitcoin Price Prediction: BTC/USD Struggles to Sustain Above $16,100, Further Upside Imminent

Bitcoin (BTC) Price Prediction – November 16, 2020
Recently, BTC/USD reached a high of $16,400 but subsequently dropped to a $15,780 low on November 14. For the past two days, Bitcoin has been range-bound between $15,725 and $16.100. Buyers are struggling to push above the $16,100 high. On three occasions, the upward move has been repelled.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Following its recovery above the $16,000 support, the upward move is still facing resistance. Buyers have not been able to push above $16,100 resistance on three occasions. On each attempt at the resistance, the coin will fall to the lower price range. This is the reason for the sideways move between $15,725 and $16,100. On the upside, if buyers can sustain the price above $16,100 and $16.400, BTC will rally above $17,200 high.

Conversely, if the BTC price drops below $15,785, the coin will fall to the previous range bound zone of $15,000 and $15,800. Meanwhile, Bitcoin is trading above the 80% range of the daily stochastic since October 10. This implies that BTC has been trading in the overbought region of the market. This suggests that the bulls have been in control of price.

100 Billion Reasons Why Apple Should Get Behind Bitcoin by Michael Saylor
According to portfolio manager Dan Weiskopf, Apple should invest a portion of its massive cash reserves in Bitcoin, Toroso Investments’ as posted on ETF Think Tank website. Dan Weiskopf has a win-win plan for a fitting marriage between tech’s biggest giant (Apple)and Bitcoin, which has been endorsed by Michael Saylor. Michael Saylor and former Goldman Sachs hedge fund manager, Raoul Pal both predicted Apple would make a large scale investment in Bitcoin in the upcoming years. Saylor has tweeted that the tech giant could see a $100 billion gain in market cap by integrating Bitcoin with their products and adding it to their holdings.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has continued to push on the upside as it struggles above the $16,000 price level. BTC price has chances of a further upward move. On November 6 uptrend, the retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extension .That is the high of $18,247.80.

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