Bitcoin closed daily trading at …

Bitcoin closed daily trading at …

🔴 BITCOIN & ETHEREUM Price Prediction: DUMP is REAL!!! // Daily Crypto Technical Analysis

Contents

Bitcoin closes daily trading at its highest level for 2020
CONTENT

  • Bitcoin closed daily trading at its highest level this year.

  • BTC rate makes a bullish breakout of the ascending triangle.

  • Resistance is located around $ 17,200.

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Bitcoin closed its day trading at $ 15,707 on Nov.11, the highest closing price this year. Price can now target $ 17,000.

Bitcoin closed daily trading at ...

Maximum closing price of 2020

Bitcoin (BTC) rate absorbed the previous high of the daily close of 2020 at $ 15,610 (from November 6) and today it is bursting up again, very close to the $ 16,000 mark.

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Schedule BTC. Source: TradingView

Bullish Breakout Status: In Progress

The market is currently attempting a pure bullish breakout from the ascending triangle within which the price has been trading since November 3 on the 6-hour chart. At the same time, the bulls stormed the area of ​​horizontal resistance $ 15,800.

Technical indicators are giving bullish signals. The RSI is above 50, and the MACD is above zero. The MACD histogram also goes into the green zone.

A pure breakout and a full-height rally could push bitcoin up to $ 17,200.

Schedule BTC. Source: TradingView

The 1-hour chart shows a strong buying presence, which manifested itself as a long bottom wick formed just after the price touched the area of ​​the former $ 15,500 resistance, which has now become support.

Schedule BTC. Source: TradingView

Long term resistance

On the weekly chart, BTC is approaching an area of ​​important long-term resistance $ 16,130- $ 17,257.

Earlier in January 2018, this area played the role of horizontal resistance. Also here are the Fibo levels 0.786-0.854 correction of the entire bearish move.

The BTC rate has come very close to the first resistance line, and technical indicators are giving bullish signals. This promises the pair an attempt to rise in the direction of the resistance area $ 17,257.

Schedule BTC. Source: TradingView

Wave analysis

The results of our last wave analysis also indicate the likelihood of a bullish breakout and give similar target levels in the $ 16,900- $ 17,200 region. This target coincides with the target level of the triangle and long-term resistance levels.

Bitcoin closed daily trading at ...

This goal was determined by us using the projection of the length of subwaves 1-3 to subwave 4 (blue and orange). In addition, here is the Fibo level 4.618 of the extension of the subwave 1 (blue).

Schedule BTC. Source: TradingView

On the 30-minute chart, the probability of the formation of a 1-2 / 1-2 wave pattern is noted, which can cause a significant acceleration of the price growth rate in case of a successful breakout of the current resistance area.

Schedule BTC. Source: TradingView

Conclusion

Thus, the bitcoin rate is expected to continue to rise and make a bullish breakout of the current resistance area, heading for highs above $ 17,000..

Bitcoin closed daily trading at ...

You can read the previous Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information, contained on our website, published in good faith and objectivity, and for informational purposes only. The reader bears himself full responsibility for any actions, committed by him on the basis of information, obtained from our website.

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