BTCUSD Technical Analysis 11-14-20

14 nov 2020

Price is overextended from the 200% fibonacci level and may retrace back to the 200% (15876.82) or the 38.2% (13644.52) fib of the current impulse move. It's coming up against the resistance of the previous high's supply zone. If it breaks through the current resistance line it will probably go to the next level of resistance which is the 238.2% level (17175.97). Wait for price to tell you what it wants to do by what type of candles form. A strong engulfing candle will give you an indication of the intended move.