With the current US presidential race happening, Bitcoin was seen to leave its consolidation level to breach once again the USD 14,000 price, and even reach a high of USD 14,550. This increase in prices comes just a day after announcing Ether2.0. How to proceed in uncharted territories ever since 2018 with caution?
Bitcoin Technical Price Analysis
Since the beginning of September, the price of Bitcoin witnessed a drop of 18% from a price of USD 12,000 all the way to USD 9,800. It took roughly 45 days for the price to reach the USD 12,000 mark.
Once the price recovered, it shot up to a new level and continued its way on a strong uptrend, with minor adjustments every now and then.
In a previous article, we predicted EXACTLY how the price of bitcoin will behave, right after consolidation in the previous weekend (Fig.3), and we even left the technical structure in place to show the exact price action.
Where is the price going?
After plotting the Fibonacci retracement from the low price of USD 13,580 all the way to the current high of USD 14,620 we can see a potential retracement back to the 61,8% level, which is the psychological level of USD 14,000.
Another profit-taking level might be the other psychological price of USD 15,000 which is a very probable price reach in the short term. That’s all depending on how the cryptocurrency market reacts to the US election results.
The cryptocurrency market as a whole
In the past 24 hours, the top 10 cryptocurrencies registered gains as follows:
- Bitcoin (BTC) : + 7.37%
- Ether (ETH) : + 6.35%
- Tether (USDT) : + 0.05%
- Ripple (XRP) : + 1.38%
- Bitcoin Cash (BCH) : + 3.00%
- Chainlink (LINK) : + 0.40%
- Binance Coin (BNB) : + 3.30%
- Litecoin (LTC) : + 5.27%
- Polkadot (DOT) : + 2.66%
- Cardano (ADA) : – 0.16%
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