Bitcoin (BTC) Price Analysis – Bitcoin’s Price Could Explode Anytime From Now, To Where?
Login

Bitcoin (BTC) Price Analysis – Bitcoin’s Price Could Explode Anytime From Now, To Where?

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
Following the latest price actions, Bitcoin has been trading below the $8800 resistance over the last 24-hours and has similarly held support at $8600. Due to the selling pressure, Bitcoin’s market cap is valued at $158.6 billion with a trading volume of about $18.7 billion. We can expect a heavy price fall if the bears remain in the market. At the time of writing, Bitcoin is currently priced at $8755 with an overall loss of -0.55%.

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Key resistance levels: $9000, $9600, $9995, $10350
Key support levels: $8600, $8400, $8200, $8000

Bitcoin should be breaking out of the triangle formation any time from now. As we can see now, the price has squeezed so much to a tight angle on the descending triangle. A price explosion could be underway. Traditionally, this pattern formation commonly follows a bullish impulsive move. The expected price range is $10350, although Bitcoin would meet $9000, $9600 and $9995 on the way up.

BTCUSD, 4H Chart – November 13

Interestingly, the RSI is currently showing a positive sign despite the recent bearish actions. On the MACD, the bears are still assuming control of the BTC market. If the $9000 resistance continues to prove difficult, Bitcoin may slip to $8400, $8200 and $8000 after reaching the triangle’s support at $8600.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Overcoming the $8880 resistance has become tough for the buyers since the weekly opening. This level of resistance is as crucial to the bull as to the bears. A look at the technical indicators suggested that there’s a high chance for the bulls to win the $8880 zone, especially the $9000 before surging price to $9200, $9400 and $9600, above the wedge pattern.

BTCUSD, Hourly Chart – November 13

That is if the MACD can confirm a positive cross. Also, the RSI needs to keep respecting the green diagonal support which has been playing since November 8. A drive beneath the RSI support could cause a heavy sell-off, although Bitcoin may continue to locate support on the wedge’s lower boundary. Currently, the $8600 remains major support for Bitcoin.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News