Bitcoin Price Analysis – Establishing well above the USD 14,000 price

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?

BTC/USD price 1D chart
Fig.1 BTC/USD price 1D chart –

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.

BTC/USD price 1D chart, 45 days price recovery
Fig.2 BTC/USD price 1D chart, 45 days price recovery –

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.

BTC/USD price 1H chart, past prediction
Fig.3 BTC/USD price 1H chart, past prediction  –

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.

BTC/USD price 1H chart, Fibonacci Retracement
Fig.4 BTC/USD price 1H chart, Fibonacci Retracement  –

The cryptocurrency market as a whole

In the past 24 hours, the top 10 cryptocurrencies registered gains as follows:

  1. Bitcoin (BTC) : + 7.37%
  2. Ether (ETH) : + 6.35%
  3. Tether (USDT) : + 0.05%
  4. Ripple (XRP) : + 1.38%
  5. Bitcoin Cash (BCH) : + 3.00%
  6. Chainlink (LINK) : + 0.40%
  7. Binance Coin (BNB) : + 3.30%
  8. Litecoin (LTC) : + 5.27%
  9. Polkadot (DOT) : + 2.66%
  10. Cardano (ADA) : – 0.16%

Stay Ahead, Stay Updated

Rudy Fares

This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission – but the prices do not change for you! 🙂

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

Source link