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Bitcoin Price Prediction: BTC/USD Resumes Rally, Reaches a Striking Distance Against the $20,000 Psychological Price Level

Bitcoin Price Prediction: BTC/USD Resumes Rally, Reaches a Striking Distance Against the $20,000 Psychological Price Level

Bitcoin (BTC) Price Prediction – November 25, 2020
Yesterday, Bitcoin rebounded above $18,400 as price broke the $18,800 overhead resistance. BTC price rallied to $19,400. The king coin is now a striking distance to the psychological price level. Today, BTC/USD is trading at $19,144 at the time of writing.

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

BTC/USD – Daily Chart

On November 24, Bitcoin resumed its rally as price rallied to $19,400. Before now BTC has been in a downward correction. The price has been fluctuating below the $18,800 resistance for the past four days. Buyers were unable to push BTC above the overhead resistance. Yesterday, a strong bounce above $18,400 propels the price to break the $18,600 and 18,800 resistances.

BTC is now trading above $19,000. After reaching the $19,400 resistance zone, BTC retraced and found support above the $18,850 price level. The coin has resumed upward move to retest the recent high. On the upside, if buyers can push BTC above $19,400, the coin will rally above $20,200. In the previous price action at the $18,800 resistance, BTC took more than three days of correction before resuming upside momentum.

Bitcoin (BTC) Indicator Reading
Bitcoin is at level 80 of the Relative Strength index period 14. Since October 21, BTC has been trading in the overbought region of the market. The coin has been trading in a strong bullish momentum. However, the overbought conditions do not hold as BTC has been trading in a strong trend market. The 21-day and 50-day moving averages are pointing northward indicating the uptrend

BTC/USD – 2 Hour Chart

Nevertheless, Bitcoin has resumed the upside momentum as bulls break the $18,800 resistance. Meanwhile, the Fibonacci tool indicates a possible upward move of the coin. On November 24 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions. In other words, Bitcoin will rise to $20,205 high.

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Bitcoin Price Prediction: BTC/USD Is Range-Bound Between $17,800 and $18,800, Upward Move likely

Bitcoin Price Prediction: BTC/USD Is Range-Bound Between $17,800 and $18,800, Upward Move likely

Bitcoin (BTC) Price Prediction – November 24, 2020
Following its recent retest at the $18,800 overhead resistance, buyers are yet to push BTC price above the overhead resistance. Rather the price movement has been confined within a price range. Yesterday, BTC/USD was repelled after failing to break above the $18,800 resistance.

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

BTC/USD – Daily Chart

Between November 21 and November 24 is about four days when BTC retested the $18,800 overhead resistance. In other words, Bitcoin has been in a downward correction for the past four days without resuming the upside momentum. We have seen in the previous price action that Bitcoin uses about a day or three days correction before resuming uptrend. In the meantime, Bitcoin is fluctuating between $17,800 and $18,800. The upward move of the coin has been impeded at the $18,800 resistance.

Bitcoin is currently facing rejection at $18,600 and $18,800. On the upside, a strong bounce above $18,400 will propel the price to break the resistance at $18,600 and $18,800. The momentum will extend above the $19,000 high. However, where the upside momentum fails to resume, sellers will take advantage to break below the $17,800 support. This will sink the coin to either $17,400 or $16,600 low

Bitcoin Goes up While Coinbase Goes Down: Exchange Outages and Trader Outrage
Many users have indicated that when Bitcoin and other crypto assets are volatile, the exchange sometimes goes offline without warning. According to reports, these outages can prevent customers from buying or selling their crypto assets. In view of this, Coinbase has suffered multiple outages since March. For example, between March and November, the exchange recorded nine different issues leading to various types of outages or connectivity problems. In all these, the impact on the customer is unclear.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is not trending at the time of writing. BTC price is still fluctuating in a confined range. On the upside, if the BTC price breaks the resistance at $18,800, a rally above $19,500 is expected. Nevertheless, on November 18 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the market will rise to level 1.272 Fibonacci extensions or $19,142.0 and reverse. However, the reversal will not be immediate.

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Bitcoin Price Prediction: BTC/USD Consolidates Below $18,800 Resistance, Targets the Psychological Price Level of $20,000

Bitcoin Price Prediction: BTC/USD Consolidates Below $18,800 Resistance, Targets the Psychological Price Level of $20,000

Bitcoin (BTC) Price Prediction – November 22, 2020
BTC/USD is consolidating above $18,400 but below the $18,800 resistance. The bulls are preparing to push BTC above the $20,000 psychological price level. This is given the fact that the current support holds above $18,400. Nonetheless, the current price range is likely to be broken when the bullish momentum resumes.

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

BTC/USD – Daily Chart

Since November 20, the $18,400 support has been holding each time price corrects and retest the support level. This is an indication that the bulls are currently defending the price level. The upside momentum will resume if the current support remains unbroken. Presently, if the bulls can push the coin above the $18,800 resistance, BTC will rally to the next resistance at $19,500. The current consolidation will continue if the $18,800 resistance remains unbroken. Nevertheless, in all upside momentum, Bitcoin price correction takes less than 3 days. Thereafter, the bullish momentum will resume or a breakout will occur to propel the coin upward.

Bitcoin Less Volatile than many stocks by Van Eck
Van Eck is an investment management firm manager. He has released new research indicating that Bitcoin’s price movements are less volatile than a third of the stocks listed on the S&P 500. According to him,” the reality shows that the world’s largest cryptocurrency trades with volatility comparable to that of some of the largest companies in the world”. He indicated that every year, 29% of S&P 500 stocks experienced more volatile price fluctuations than the digital currency, while 22% did the same on a 90-day basis, said, Van Eck. The company has advised institutional investors to have Bitcoin on their books.

BTC/USD -4 Hour Chart

Meanwhile, BTC is stalled below the $18,800 resistance. The Fibonacci tool analysis will hold if the current resistance is breached. Otherwise the coin will continue the sideways move below the resistance. A breakout at $18,800 will propel the price to resume the upside momentum. Bitcoin is expected to reach the 1.272 Fibonacci extensions or the high of $19,160.90. Thereafter the next target will be the $20,000 psychological price level.

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Bitcoin Price Prediction: BTC/USD Attempts to Jump the Hurdle at $18,200 to Resume Upside Momentum

Bitcoin Price Prediction: BTC/USD Attempts to Jump the Hurdle at $18,200 to Resume Upside Momentum

Bitcoin (BTC) Price Prediction – November 19, 2020
Following the recent high at $18,500, BTC/USD now fluctuates between $17,300 and $18,200. For the past two days, BTC has been consolidating above $17,300 but has retested the resistance at $18,200 twice. By retesting the $18,200 resistance, is an indication of further upside momentum.

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

BTC/USD – Daily Chart

The recent price surge to $18,500 was met with a sharp downward correction. In the process of correction, the crypto has formed a price range between $17,300 and $18,200. For the upside momentum to resume, the price must be sustained above $17,500. This will provide a continuous retest of the $18,200 resistance. In other words, if the price consolidates above $17,500, it will increase the possibility of a breakout near the resistance zone.

On the upside, if the price breaks the $18,200 resistance, Bitcoin will resume a fresh uptrend. The coin will rally above $19,000. Similarly, if the bears break below the $17,300 support, Bitcoin will drop to $16,400 low. In the meantime, BTC has continued to be range-bound within the tight range. BTC is above the 80% range of the daily stochastic. It indicates the overbought condition of the coin.

Digital Currencies Can Be Part of “New Monetary Order” by Andy Haldane
Andy Haldane is the Bank of England (BOE) policymaker. He is the bank’s chief economist and sitting member of the Monetary Policy Committee. On Wednesday, November 18, he gave a public lecture at The CityUK 10th Anniversary Conference. Andy Haldane believes an extensively used digital currency could have a positive impact on financial stability. The Bank of England, or BOE, is expanding its assessment of digital currencies, evaluating how these assets could form the basis of a “new monetary order.”

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has to jump the hurdle at $18,200 resistance to continue the upside momentum. On November 18, BTC was resisted at $18,200. However, the retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the coin will rise and reverse at level 1.272 Fibonacci extension. That is the market will reverse at level $19,158.20.

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