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Bitcoin is Eyeing $19,680

By:
Aziz Kenjaev
Published: Nov 23, 2020, 11:30 UTC

Bitcoin is an asset-champion this year with a YTD return of 160%. Analysts of major corporations like J.P. Morgan say that Bitcoin may double or triple in the coming 3 years.

Closeup hand holding bitcoin over the Cryptocurrency trading scr

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Since Gold is centralized as it is owned by Central Banks and Bitcoin is not, Bitcoin attracts more and more investors, evading the volatility that government organizations may incur.

Charles Schwab’s 2019 survey revealed that GBTC stocks were more popular among millennials than Disney or Netflix.

Source: Charles Schwab

Many analysts are bullish on BTC/USD and many predicted that the price will hit $20 000 by the end of the year, which still looks achievable.

On November 21, Bitcoin established a new high at $18 974, almost reaching the $19 000 barrier and found a strong support at $17 626.21 where the pair continued the bull run.

Bitcoin price on Overbit

As seen on the chart above the uptrend of Bitcoin yesterday was backed by the EMA50 and the dynamic support of November 18. By the time of writing this article Bitcoin on Overbit is traded at $18 711 and is above an important resistance at $18 672.

There are two patterns to watch in this price action of the pair, one of which is an expanding diagonal, the other is a parallel ascending channel, both signalling the continuation of the bullish run.

Bitcoin price on Overbit

There are two major resistances up ahead, one of which is the area of the previous high of $18 974 and $19 000 and the next is at $19 685.

Bitcoin price on Overbit

MACD on an Hourly chart already is about the signal line, and there is a strong support by EMA50 and MA100, however the resistance at $18 672 remains penetrated though intact, Bitcoin must close above this resistance to continue the surge.

About the Author

Aziz Kenjaevcontributor

Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

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