BTC Price Forecast - If Breaking the $61,000 mark, A Bullish Rebound Will Occur Again

As predicted, Bitcoin continued to drift below $60,000 after hitting nearly $69,000 as a new all-time high on November 10. In addition, since the U.S. Thanksgiving holiday is coming on this Thursday, trading activity also reduces.

 

Investors following bitcoin as an inflation hedge will also look for an early read on how holiday shoppers are responding to the fastest consumer-price increases in three decades.

 

Another highlight is US President Joe Biden signed a bill to upgrade the infrastructure. Depending on the interpretation of this document, it may turn out that miners, wallet developers, liquidity providers in DeFi-protocols and other players in the digital market may be required to report to the tax office. The crypto community is also worried about another amendment to the infrastructure plan, which will oblige recipients of digital assets over $ 10,000 to verify the sender's personal information.

 

Besides, there are also several other possible factors that are holding back Bitcoin's further increase.

The first factor is Bitcoin's high speculative activity. The number of short-term transactions on the market still prevails in comparison with long-term investments.


Another factor is the launch of the first US exchange-traded fund (ETF) based on bitcoin futures, which began trading on the New York Stock Exchange (NYSE) on October 19 and just two days after the start of trading, its assets exceeded $ 1 billion. Most institutional investors have the option to buy stocks and futures instead of buying BTC itself.


And the third factor is the overly optimistic sentiment of investors, who are confident in the further growth of Bitcoin and the entire cryptocurrency market. Along with this, a lot of speculative long positions appear on the market, which also hinders the further price increase.

 

Technical Analysis

 

From the weekly price chart, we can see that after the price reached a new high, a bearish divergence formed between the price chart and the MACD indicator lines. After investors began to take profits, the price turned south and at the moment has already touched both the horizontal support line around $ 58,000 and reached vertical support in the form of a 10-week moving average. Theoretically, the price is already in the zone from which a rebound and the third wave of a bullish rally are possible.

W.png


On the daily price chart, we can see that the price has already overcome two waves of decline and at the moment, after a slight rollback to the north, it looks like a third wave of decline may begin. During the second wave of decline, the price was already below the 38.2% Fibonacci level. Now, if the third wave of recession begins, the next will be the 50% Fibonacci level, which corresponds to the level of $ 54,300. And the next strong horizontal support is near the $ 52,900 mark.

D.png



Demo

想進行練習嗎?到模擬交易使用我們的贈金

5000 USDT
聯繫我們
twitter Telegram

Technical support: [email protected]

風險提示 該公司為客戶提供的金融產品,包括差價合約(“CFD”)和其他復雜的金融產品。差價合約交易具有高風險性,因為槓桿可能會對您的資金狀況產生積極和消極的影響。差價合約交易並不適合所有投資者,因為可能導致投資資本的完全虧損。不要投資超過您能承受的範圍。在開始復雜的金融產品交易之前,請務必閱讀有關所有風險。

© 2019 Bex500. All rights reserved.

登入
谷歌驗證

忘記密碼? 找回谷歌验证

還沒有帳號?立即註冊
找回密碼
60秒後重新獲取
獲取
註冊帳戶
60秒後重新獲取
獲取
服務條款隱私政策
已有帳號?立即登入