The Bitcoin (BTC) rate is above $16,000 at the time of writing. We look at the charts and discuss possible scenarios, read the update here!
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Bitcoin Heading Update
It looks good for Bitcoin’s course. With a continuous rising picture, we slowly see the price moving towards the previous all time high (ATH) around $20,000.
In view of the stable rise, that picture is becoming more and more realistic and we may be able to reach new heights within the foreseeable future. With this an increasingly difficult form of technical analysis.
After all, with a price in new and unknown territory, we have little to hold on to. And predicting on the basis of older data, including support and resistance, becomes impossible. Fortunately, we are still in an area which, despite not being visited very often, there are still places to hold on to. But should we rise out of it, we will have to wait and see where the course will take us.
Bitcoin monthly chart
In order to really look at resistors now, we need to zoom out quite a bit and Bitcoin’s monthly chart provides us with most of the information. Here we can see to some extent which places have offered a lot of resistance and where the bulls have failed. And even there, we can only see two major key levels. That’s the resistance around $17,000 and around $20,000.
Of course, there are also small points to watch out for, but given Bitcoin’s current rise and the speed with which we are blasting through all the resistance, these are the biggest points to watch out for. And the points that will offer the most resistance. What can we expect? It is difficult to say.
Bitcoin monthly chart 12 November 2020
Previously, we saw a strong reaction around this prize with, above all, an enormous downward pressure. We see this much less and the increase seems a lot more stable than before. Should this withdraw a lot, the price around $14,000 is strong enough to take a big hit. We can also find the really strong support there.
What will the price of bitcoin do?
All in all it looks bullish, with a movement that is difficult to predict in the short term. But in the longer term, a test of $17,000 is lurking. With most likely a strong reaction, which can be both up and down. The current movement suggests that this will be an increase.
And then what? A rise of $17,000 could soon be the real step towards a new all time high. With a test of $20,000 lurking and enough bullish momentum to continue to rise. Should this happen, we will be in uncharted territory and I think it will be a lot of coffeeshit. Where will support and resistance lie is a good question. A fun and exciting time!