Bitcoin Shows Resilience, Continues on Tear Towards Previous High

2020-11-20 13:08

On Nov 19, the Bitcoin (BTC) price reversed its potential decrease and broke out from a short-term symmetrical triangle.

The price is expected to continue increasing towards the closest resistance area.

Bitcoin Parabolic Ascending Support

The Bitcoin price has been following a parabolic ascending support line since the beginning of September. On Nov 18, the price seemingly stalled by creating a spinning top candlestick, suggesting that a reversal might occur.

However, BTC continued to move upwards and is in the process of creating another bullish candlestick. The parabolic ascending support line is still intact.

The closest resistance area is found near the all-time high of $19,500.

Technical indicators show that the rally is overbought, but there is no bearish divergence yet to warn of an impending reversal.

BTC Chart By TradingView

The resistance area is better visualized by the long-term chart, which shows that the price is in the process of creating a considerable bullish candlestick in the weekly time frame.

BTC has cleared all significant Fib resistance levels, leaving only the all-time high left before bullish price discovery.

BTC Chart By TradingView

Short-Term Breakout

The shorter-term chart shows that the BTC has already broken out from a symmetrical triangle, validated it as support, and continued to move upwards. However, BTC has been rejected near $18,400, the Nov 18 highs.

Nevertheless, as long as BTC is following the ascending support line from the triangle, it is expected to eventually break out and continue moving towards $19,500.

BTC Chart By TradingView

BTC Wave Count

In yesterday’s Bitcoin wave count article, the long-term count showed that the price is likely in the fifth and final wave of a bullish impulse that began in March and suggests a high near $20,000.

The shorter-term count indicates that the price is in the fifth and final sub-wave (orange) of this impulse, indicating a high between $19,182 (the 2.61 Fib extension of sub-wave 1) and $19,598 (the 0.618 Fib projection of waves 1-3).

BTC Chart By TradingView

Looking at an even shorter-term chart, we can see that the price has completed the first and second minor sub-waves (black), and is likely to soon accelerate its upward move towards the $19,500 high.

BTC Chart By TradingView

Conclusion

After breaking out from a symmetrical triangle, the BTC price is expected to continue increasing towards the closest resistance area near the $19,500 all-time high price.

For BeInCrypto’s previous Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

The post Bitcoin Shows Resilience, Continues on Tear Towards Previous High appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 98022.75 (-0.23%)
Объем 24H $42.33b
Изменеия 24h: -0.52 %, 7d: 7.45 %
Cегодня L: $97633.19 - H: $98572.23
Капитализация $1939.541b Rank 1
Цена в час новости $ 18299.55 (435.66%)

towards price bitcoin triangle out short-term symmetrical

Источник: beincrypto.com

towards price → Результатов: 126


Bitcoin is Poised to Rally Towards $17,000 Next as Outlook Grows Bright

Bitcoin has seen a quiet weekend of trading, with the cryptocurrency struggling to gain any immense momentum as bulls and bears reach an impasse This has led to a prolonged bout of sideways trading around $16,000, with bulls and bears both struggling to gain control of its near-term Its recent price action has done little to provide any insights into where it might trend over a mid-term time frame That being said, one analyst is […]

2020-11-16 19:39


Фото:

Traders Express Caution Regarding Bitcoin as Election Day Arrives

Traders have long been looking towards election day as a potential catalyst for Bitcoin volatility that helps shapes the cryptocurrency’s future trend That day is now here, and BTC is actually seeing some positive price action so far this morning Bulls are in the process of pushing the crypto up towards its $13,800 resistance that has held strong throughout the past few weeks One trader is not expecting this momentum to last for too much […]

2020-11-4 21:00


Фото:

Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Key Level

Ethereum has continued seeing lackluster price action while Bitcoin rallies past its critical short-term resistance The crypto is on the cusp of flipping its $390 resistance, however, which could give it freedom to rally significantly higher in the short-term One trader is now noting that a surge up towards $432 could be in the cards if ETH can break above its short-term resistance level This would be a significant rally that potentially puts a firm […]

2020-11-1 22:00


Bitcoin Just Posted Its First Weekly Close Above $11,700 Since 2018

Bitcoin and the aggregated crypto market have remained stable overnight, with bulls attempting to spark another uptrend The benchmark cryptocurrency is once again pushing up towards its long-held resistance around $13,200 If this level is shattered in the near-term, BTC could gain some serious traction that causes its price to rocket higher Where the market trends next will undoubtedly depend somewhat on BTC’s reaction to this level One factor currently working in buyers’ favor is […]

2020-10-26 21:00


A $13,500 Bitcoin Looks Inevitable as Price Fixes “Overbought” Worries

A combination of supportive fundamental and technical catalysts are pointing towards an extended Bitcoin bull run. The BTC/USD exchange rate kicked off the new week in positive territory on signs of institutional adoption, lower sell-off sentiment, and the global market uncertainty over the second coronavirus fiscal aid and the November 3 presidential election. The pair […]

2020-10-26 16:38


Bitcoin’s Price is Failing to Convince the Margin Markets That It is Bullish

Bitcoin has been caught within a firm uptrend that has allowed it to shatter its correlation with the stock market as it continues marching higher Despite the overt bullishness of this move, funding rates have been on the brink of being negative on many major trading platforms This shows that demand for short positions remains high, and that traders are widely trying to time its top Furthermore, this trend is observed while looking towards Bitcoin’s […]

2020-10-26 01:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.