BTC and FIL Technical Analysis for November 17, 2023
Bitcoin faced resistance in maintaining levels above $37,900, resulting in a decline back to the support level of $35,500. Here's an overview of the market situation for Bitcoin (BTC) and Filecoin (FIL) as of Friday, November 17.
Currently, Bitcoin's upward trend is still in play, but there's a noticeable weakening in buying strength. The asset is trading within a local sideways channel, bounded by the support level at $35,500 and resistance at $36,900. It is expected that Bitcoin will continue to fluctuate within this range over the weekend.
Above this current resistance level, there is a sellers' zone between $37,500 and $38,000. This range is potentially critical for the continuation of the upward trend and achieving new annual highs. Therefore, the next targets for buyers would be the $39,000 and $40,000 marks.
If a deeper correction occurs, Bitcoin might decline to the $34,800 level. Below this, the range of $33,400-$34,100 holds a significant number of buyer orders and could potentially act as a local bottom.
BTC chart on the H2 timeframe
Filecoin has continued its rise that began in mid-May. Since October 19, the asset has appreciated by 80%, reaching a local high of $5.65.
At present, FIL is trading between the support zone of $4.46-$4.73 and the resistance of $5.33-$5.65. Continuing the upward trend is the favored scenario for the asset. The next levels of resistance are located at $6.0 and $6.3.
Should there be a deeper correction, FIL could fall to the $4.16 level, and may also retest the support range of $3.7-$4.0. The potential for a more substantial decline in the FIL price will be directly linked to Bitcoin's performance.
FIL chart on the H3 timeframe
Cryptocurrency markets typically experience minimal volatility over the weekend, with this trend expected to continue in the next few days.
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Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
This analysis was informed by the following educational materials and articles from GN Crypto: