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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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