During this past weekend, the price of Bitcoin peaked above USD 14,000 and consolidated on a strong support area. A lot of fundamental news helped to push the price further in an uptrend momentum.
Bitcoin Technical Analysis – What happened during the Weekend?
In a previous article, we predicted that the price of Bitcoin should breach the USD 13,500 price. That was done when we plotted the Fibonacci Extension levels, which reconfirmed a strong uptrend.
During this past weekend, the price of Bitcoin climbed from a price of USD 13,100 all the way to USD 14,100, between 30th and 31st of October 2020. On the 1st of November which was a Sunday, the price adjusted back and consolidated around a price of USD 13,700 and traded with low volatility.
Bitcoin Price forecast – What’s to come for this week ahead
At the time of writing, the price of Bitcoin dipped below a strong support level, which previously was a resistance area. Figure 3 below shows how important the USD 13,700 price is.
The current price of Bitcoin is adjusting to the strong weekend push and is back at the time of writing to the USD 13,500 levels. The price is expected to further adjust, but continue its uptrend in the medium term.
New key levels to consider:
- USD 14,000 & 13,700 for profit taking
- USD 13,500 & 13,000 as Stop Loss levels
Bitcoin recent news spring a bright Future ahead
The continued uptrend of Bitcoin is highly probable, especially with all the news we’re witnessing:
- Paypal past announcement of Crypto adoption
- Publicly-Listed Companies buying more and more Bitcoins
- Singapore’s Big bank launches Bitcoin Exchange
- JP Morgan’s stance change towards Bitcoins
- Iran’s Government using Bitcoins as a legal tender
- Famous Youtuber Pewdiepie joins the Blockchain AR Game Wallem
To sum up, Bitcoin’s long term trajectory is still on a strong uptrend recovery from the great fall of 2018, will 2020 be the breakthrough year for all cryptocurrencies?
Stay ahead, Stay updated
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Bitcoin Price Analysis – Establishing well above the USD 14,000 price
Bitcoin Price Prediction – TA predicts another 2017 like rally!
PEPE Coin Price to Reach $5 in the Next Seven Days?
Ethereum Price Analysis – Adjustment in Prices as Predicted during the Weekend
Ether Price Analysis – Key Support Levels to Consider
Bitcoin Price Analysis – A Price Adjustment in tandem with Legacy Markets
What will happen to Bitcoin after the PayPal Announcement?
Bitcoin prices reach a roadblock of USD 19,000 – What does this mean for Altcoins?
Breaking News – Bitcoin broke USD 24,000…Should you sell BTC?
Ethereum Price – Two Potential Scenarios before 2021
Bitcoin Price Forecast – Why the current Consolidation is a GOOD SIGN?
Bitcoin Price has Bad News – What should you do TODAY?
Ethereum Price Analysis – Uptrend momentum still going strong
Bitcoin Price loses 15% in 24 hours – Opportunity to BUY IN? Read on to see why WAITING is better
Bitcoin price prediction – THIS is when BTC price should reach USD 20,000
Bitcoin Price Hits $100,000 … Briefly
Bitcoin price hits USD 16,000….What’s next?
Bitcoin price is recovering – Will it successfully break the previous ATH?
What Will Happen to BITCOIN Prices? 2 Scenarios Traders are IGNORING
Bitcoin Price Prediction – Why a USD 53,681 BTC price is THE Magic Number
You might also like
More from Bitcoin
Grayscale Investments is making waves in the crypto management space. Following a significant win against the U.S. SEC, they're urging …
Miami Mayor Francis Suarez steps boldly into the future, signaling a transformative era where politics and Bitcoin intertwine. His vision …
Bitcoin price prediction: BTC had a sharp 7.5% drop, plunging to a current price of $25,800. Is Bitcoin headed for …