Bitcoin (BTC) Price Analysis –Can This Wedge Breakout Lead To Bullish Correction For Bitcoin?

Michael Fasogbon

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

Bitcoin has found temporal support around $8000 over the last 24-hours, giving traders a little relief of the bearish pressure over the past few days. What BTC is likely to display now is a corrective gain before resuming bearish bias. Of course, it may lead to a reversal if Bitcoin can reclaim important resistances. If not, we should expect a fall back to the $8000 support zones or even below.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $8300, $8400
Key support levels: $8000, $7800

On the hourly, a double-bottom pattern was spotted a few hours ago, which has brought Bitcoin’s price a bit up to $8170 at the moment. It may take BTC price to $8300 and $8400 resistance levels if the bullish formation plays out, although the market seems to be getting weary of the bearish moment. Meanwhile, the buyers have been recently responsive to price actions.

BTCUSD, Hourly Chart – November 20

A bearish bounce at the white descending resistance at $8400 could lead to another bearish shock as the market may sell to $8000 support again. More so, Bitcoin may find new support at $7800 if the supply becomes heavy. The recent rise on the relative strength index shows that BTC is recovering. Additionally, the MACD is now climbing back from the negative to show a bull sign.

Bitcoin (BTC) Price Analysis: 15M Chart – Bullish

On the 15-minutes time frame, Bitcoin slightly broke through the triangle pattern that has kept the market under bearish pressure for a while. As we can see, the buyers are stepping back on a short-term. It’s important to note that the bearish reaction is still significant in the market. Taking advantage of the bullish correction, Bitcoin may reclaim $8300 if we can close above $8200 today.

BTCUSD, 15M Chart – November 20.

Though, the technical indicators are now flying in the bullish zones. Bitcoin’s price is more likely to increase significantly in the next few hours. Considering the wedge breakout, Bitcoin’s price range is expected to add up by $200 from the break level, which is approximated at $8350. Currently, Bitcoin is gearing up for the next move as the buyers look for a progressive level of resistance.

BITCOIN BUY SIGNAL

Buy Entry: $8127
TP: $8300
SL: 7988

  • 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

Share with other traders!

Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.

Leave a Reply

Your email address will not be published. Required fields are marked *