Bitcoin rose by $ 2600 in a week …

Bitcoin rose by $ 2600 in a week …

I Tried Day Trading Bitcoin for a Week | Beginner Crypto

Contents

Bitcoin Gains $ 2600 In A Week And Forms A Massive Bullish Candlestick
CONTENT

  • Bitcoin Approaches Long-Term Resistance Around Historic Highs.

  • BTC rate moves along the line of parabolic upward support.

  • Short-term support and resistance are located at $ 17,600 and $ 18,600, respectively.

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At the end of the week on November 15-22, the bitcoin rate is almost updated all-time highs, and at the moment, another growth attempt is expected.

Bitcoin rose by $ 2600 in a week ...

Target – all-time highs

Over the past week, the bitcoin rate (BTC) has significantly strengthened, forming a massive bullish candle on the chart. The opening price of this candle is $ 15,935 and the closing price is $ 18,575. Thus. Growth within the week exceeded $ 2 600.

The price is approaching an important resistance area of ​​$ 19,645, around which there is a record high recorded by Bitcoin in December 2017.

Technical indicators on the weekly timeframe indicate an overbought rally, but are not yet giving any clear signals of weakness in the form of bearish divergence.

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Schedule MTC. Source: TradingView

Bitcoin rose by $ 2600 in a week ...

Parabolic support

On the daily chart, the BTC rate has been moving along the line of parabolic upward support since September.

The day before, the price formed a hammer candlestick pattern designed to test this line for strength as a support before triggering further growth. Long bottom wick is a sign of pressure from buyers.

Technical indicators are also pointing to overbought, and the RSI has even begun to show strong signs of bearish divergence. However, the MACD does not support these signals and the Stochastic Oscillator has not yet formed a bearish crossover. This suggests that Bitcoin’s growth may continue as long as this support line holds..

Bitcoin rose by $ 2600 in a week ...

Schedule MTC. Source: TradingView

Short term range

On the 2-hour chart, you can see a trading range of $ 17,600- $ 18,600. At first, the price bounced off the resistance area, but upon reaching support, formed a very long lower wick, and then marked an increasing low on the chart (black arrows on the chart).

In addition, the price is now slipping below the downtrend resistance line.

Its breakout and retesting of the resistance area will indicate a bullish trend and aim the BTC rate at historical highs.

Schedule MTC. Source: TradingView

Wave analysis

According to the results of the wave analysis, the market is now in the fifth – and final – subwave (red) of the larger fifth wave (orange) of a long-term bullish impulse structure that has been developing since March.

The probable target for the completion of such an increase may be the area of ​​$ 20 859- $ 20 999 (Fibo level 3.61 extension of subwave 1 and projection of subwave length 1-3).

Schedule MTC. Source: TradingView

If the situation develops according to this scenario, a shorter-term wave analysis may look like the following chart:

MTC schedule. Source: TradingView

Conclusion

Thus, it is expected that the BTC rate will continue to rise to the resistance area represented by the historical maximum in the region of $ 19,645, and possibly even higher..

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

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