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Bitcoin Surges After Bulls Defend Key Level; What Analysts are Watching For

Bitcoin Surges After Bulls Defend Key Level; What Analysts are Watching For

Bitcoin is in the process of pushing higher today, with bulls aiming at sending the cryptocurrency up towards the resistance that it has long faced within the mid-to-upper $19,000 region.

If the selling pressure here remains constant and continues hampering the cryptocurrency’s growth, then bears may be poised to gain some control over BTC’s price action and send it reeling down towards $18,000 once again.

Where it trends in the mid-term will depend largely on whether or not it can maintain the trend of setting higher-lows after each rejection around its highs.

Last week, BTC plunged as low as $16,400 after facing a rejection around $19,500. Earlier this week, a rejection around the same price level caused it to plunge to lows of $18,200.

If it faces another rejection at these highs, bulls must hold it above $18,200 to continue setting higher-lows.

One trader is now noting that the continued defense of the mid-$18,000 region seen throughout the past few days and weeks is a bullish development for the cryptocurrency and may indicate that further upside is imminent in the near-term.

Bitcoin Pushes Towards Critical Resistance Level

At the time of writing, Bitcoin is trading up over 1% at its current price of $19,530, marking a massive climb from its recent lows of $18,200 set earlier this week.

These lows came about shortly after the cryptocurrency rallied past $19,800 and faced an immense rejection.

The selling pressure here has sparked multiple selloffs, and it remains unclear whether or not the next test will allow it to break above this region.

Analyst Claims BTC Strong After Holding Key Support

One trader explained in a recent tweet that Bitcoin is growing stronger the longer it holds above the mid-$18,000 region.

He notes that the buying pressure here has been quite intense and that the cryptocurrency’s trend may remain firmly in bulls’ favor so long as it doesn’t face any intense selloff.

“BTC update: Looks like the apes won this round. Generally, the $18.3-$18.7 area is an important one, violate it and best case we chop, worst case we shake out/correct. Any low timeframe bullishness hinges on that support level which so far seems to be holding.”

Bitcoin

Bitcoin

Image Courtesy of DonAlt. Source: BTCUSD on TradingView.

Whether or not Bitcoin can hold firmly above the mid-$19,000 region should provide insight into where it will trend as the end of the year approaches.

Featured image from Unsplash.
Charts from TradingView.

Source

Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

Bitcoin Reaches a Juncture as Bulls Try to Thwart Selloff to $17,000

Bitcoin has been facing some immense volatility throughout the past few days and weeks, with sellers stepping up and trying to invalidate the strength seen by the cryptocurrency as they hold it below the key $19,000 level.

A sustained bout of trading below this level will certainly degrade its technical strength. Still, the intensity of each selloff seen following rejections at its all-time highs appears to be diminishing.

This signifies that the cryptocurrency is growing technically stronger, as the series of higher-lows formed in the time since it plunged to $16,400 last week is an incredibly positive sign for the cryptocurrency.

Where it trends in the mid-term may depend largely on whether or not bulls can hold its price within a key channel that has been formed throughout the past few days.

One trader is looking to this channel’s boundaries for insight into where it might trend in the near-term, noting that a break below its lower boundary at roughly $18,500 could lead it significantly lower in the days ahead.

For the time being, however, the cryptocurrency remains above this key support, with bulls ardently attempting to push it above $19,000.

Bitcoin Shows Signs of Strength as Bulls Set Higher-Lows 

One promising trend seen over the past week is the formation of higher-lows following each rejection at the cryptocurrency’s all-time highs within the mid-to-upper $19,000 region.

Following its first visit towards this level last week, the cryptocurrency’s price plunged as low as $16,400 before finding support and rebounding. A rejection and dip followed the second attempt to break above its highs to lows of $18,200.

If this trend persists, it is a sign that bears are losing their control over this level and may indicate that a breakout into the $20,000 region is imminent.

Trader Claims Move Towards $17,000 Could Soon Take Place

One trader explained in a recent tweet that a break below a channel that Bitcoin is currently caught within could lead it to plunge towards $17,000.

He pointed to this pattern in a chart, showing that a break below the mid-$18,000 region would open the gates for a move significantly lower.

“BTC: See if the channel holds or not. Either way would like to play the range from the lows around 17 for a bounce.”

Bitcoin

Bitcoin

Image Courtesy of TraderXO. Source: BTCUSD on TradingView.

The coming few days should provide some insight into whether this bearish possibility will come to fruition.

Featured image from Unsplash.
Charts from TradingView.

Source

Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next

Following what is described as an “epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap” to $16,400, Bitcoin has officially set a fresh all-time high.

The benchmark digital asset has never traded as a price this high on the spot market before, with bulls now trying to push it above $20,000. It does appear to be facing some resistance as it navigates into this price region, with bears ardently attempting to fade the movement.

Regardless of whether they are successful, the cryptocurrency’s historic move higher this morning will likely market a macro turning point for BTC and the entire crypto market.

Once $20,000 is broken above, there’s a strong likelihood that it will enter price discovery mode and see some serious upside. Parabolic advances like the one it is currently caught within often end in an asset’s price multiplying, which could mean that this is just the beginning of a much larger move.

One trader is now noting that BTC could be well-poised to see some immense upside in the near-term, with the latest decline simply being a <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap that cleared out over-leveraged long positions and reset the sentiment surrounding the crypto.

Bitcoin Explodes Towards $20,000; Sets Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just over 7% at its current price of $19,500. This marks a slight decline from highs of $19,800 that were set just a few minutes ago.

These highs marked fresh all-time highs for spot BTC, but it does appear that bears are putting up a defense of the upper-$20,000 region.

Typically, once an asset sets fresh all-time highs, it enters a price discovery mode that leads it to see significantly further gains.

This will likely take place for BTC once $20,000 has been firmly broken above and established as a support level.

BTC Rallies on the Heels of an “Epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>Bear Trap”

A few days ago, Bitcoin’s price reeled from the mid-$19,000 region to lows of $16,400.

This shifted the market’s sentiment and led many investors to believe that BTC had posted a local top.

One analyst spoke about this move in a recent tweet, calling it an “epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap”

“BTC: Bitcoin price crushing the daily high. Yeah, that move down to $16k was an epic <a class="wpg-linkify wpg-tooltip" title="

Bear

Bear market is defined as a decreasing set of prices for various types of assets. A bearish investor wants to profit from the movement of dropping prices. You can think of a bear, swinging his big paw downward on the investment, crushing prices.

» Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap to try and shake people out before $20k.”

Bitcoin

Bitcoin

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

The coming few days should provide insights into Bitcoin’s macro-outlook. Whether or not it can break above $20,000 and flip this into support will likely determine how it trends into the end of the year.

Featured image from Unsplash.
Charts from TradingView.

Source

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Bitcoin price started a fresh increase from the $16,200 support zone against the US Dollar. BTC is up 5% and it is trading above $17,500, but facing a major resistance at $18k and $18.2k.

  • Bitcoin started a fresh upward move above the $17,000 and $17,200 levels.
  • The price is now trading nicely above the $17,500 resistance and the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could revisit the $18,200 resistance, where the bears might put a strong fight.

Bitcoin Price is Rising Steadily

This past week, bitcoin saw a sharp downside correction below $18,000 and $17,200 against the US Dollar. The BTC/USD pair even broke the $16,800 support and the 100 simple moving average (4-hours).

It traded as low as $16,219 before forming a support base. A fresh increase was initiated above the $16,500 and $16,800 resistance levels. Bitcoin price cleared the $17,400 resistance and 100 simple moving average (4-hours) to move into a positive zone.

There was also a break above a major contracting triangle with resistance near $17,200 on the 4-hours chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

Bitcoin Price

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $17,850 and $18,000 levels might lead the price towards the key $18,250 resistance zone. It is close to the 61.8% Fib retracement level of the downward move from the $19,500 swing high to $16,220 swing low.

A successful break above the $18,250 and $18,400 levels is needed for a fresh rise towards the $19,000 and $19,500 levels in the coming sessions.

Another Drop in BTC?

If bitcoin fails to clear the $18,000 and $18,250 resistance levels, it could start a fresh decline. An initial support is near the $17,500 level or the 100 simple moving average (4-hours).

The first major support sits at $17,400 levels. A downside break below the $17,400 level could lead the price towards the main $16,800 support level. Any more losses might call for a new low below $16,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Level – $17,400

Major Resistance Level – $18,250

Source

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Bitcoin (BTC) Price Prediction – November 27

According to the daily chart, the Bitcoin (BTC) remains bullish but could still see some sideways movement before it takes off again.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $19,500, $19,700, $19,900

Support Levels: $16,200, $16,000, $15,800

BTCUSD – Daily Chart

BTC/USD is now back on track as the market price trades near the previous resistance level of $18,000, after sharply correcting to a low of $16,200 a few days ago. More so, the first digital asset appears unstoppable in the last couple of weeks, climbing higher every single day with only a few retracement periods. The volatility in the cryptocurrency market is extremely high right now with some altcoins jumping up and down as the RSI (14) remains above the 60-level.

Would Bitcoin (BTC) Keep the Uptrend?

BTC/USD has been outperforming pretty much almost any other asset in the market. Bitcoin seems to be only facing one major barrier at $19,890 and cracking the all-time high could be a major achievement for the bulls which may potentially push the Bitcoin price towards the $20,000 level. However, if the bulls refused to reclaim the $18,000 level in the near-term, it could mean that a decline towards the support at $16,500 is imminent.

Therefore, if this level is broken, it could strike a serious blow to the cryptocurrency’s technical outlook. Meanwhile, an increase in selling pressure could see the Bitcoin drop to the supports of $16,200, $16,000, and $15,800 respectively. In other words, if the bulls continue to push the coin, crossing above the 9-day moving average may likely reach the resistance levels of $19,500, $19,700, and $19,900 as reveals by the technical indicator.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

According to the 4-hour chart, BTC/USD may continue to move sideways as the technical indicator RSI (14) is seen moving in the same direction above the 50-level. If the market price stays above the 9-day and 21-day moving averages, it may persistently trade above the $18,500 resistance level in the nearest term.

BTCUSD – 4 Hour Chart

Meanwhile, BTC/USD is currently trading above the moving averages. The upward movement is likely to push the price to the resistance levels of $19,200 and above while the immediate support lies below the moving averages at $16,700, $16,500, and $16,300 levels.

Source