Bitcoin price (BTC) appears to be taking a short breather after reaching a new 2020 high at $15,960 on Nov. 5.
The 1-hour and 4-hour timeframe show the price compressing within a flag and throughout the majority of the trading day, the $15,500 level has held as support. $15,750 is the level Bitcoin needs to break in order to pursue another stab at $16,000.
Within the last hour, a dragonfly doji candle formed as the price swept low to test the lower support of the bull flag at $15,166, and as the formation approaches its terminus traders will look for a breakout which will push through the $15,500 to $15,600 level where a high volume VPVR node lurks.
Clearly, there is a small tussle taking place between bulls and bears, and flipping the $15,600 level to support with a 4-hour close will increase the possibility that BTC will make a third run at…