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
Rudy Fares
