November 10, 2020 / Analytics

Bitcoin Price Analysis: BTC/USD To Drop Before The Next Impulse

bitcoin analysis forecast

The bullish trend keeps dominating in Bitcoin (BTC) cryptocurrency market. The correction recently completed after a sharp soaring in the price of the coin, so the coin should rise in price to $ 17,000 by November 17.

Key Points

  • BTC is hovering above the 100 hour moving average ($ 15,300).
  • An uptrend line has formed on the hourly chart with support at $ 15 300.
  • The nearest resistance barrier is located at $ 15,600.

Bitcoin rate corrected to $ 14,350 after a powerful pump to $ 15,982 (Bitstamp data). However, on Monday, the asset price exceeded $ 15,000 and is still holding above the 100 hour moving average. On November 9, the bulls broke through the downtrend resistance zone around $ 15,300, which coincides with the 50% Fib recorded during the dump from $ 15,982 to $ 14,350.

BTC price broke 61.8% Fib and consolidated above the SMA 100 on November 10. Given these factors, it can be assumed that the value of the coin will reach $ 15,600 during the next session. Breaking this barrier will trigger a pump up to $ 16,000. Otherwise, the asset value will adjust to the support barrier around $ 15,200.

btcusd1

Bitcoin May Drop Ahead Of Next Impulse

Trader Brian Krogsgard believes that the BTC rate will exceed $ 17,000 and reach $ 18,000 within the next 10 days. According to him, now no one wants to sell coins, and everyone is waiting for the $ 18,000 mark. According to the chart, Bitcoin market is in the fifth wave of a bullish trend. The uptrend target is in the range of $ 17,000 to $ 18,000. Therefore, a powerful bearish trend should appear when reaching this price range.

btcusd chart

The balance volume indicator indicates a high probability of correction before the next pump. The value of BTC could potentially fall to $ 14,800. It is unlikely that the bears will break this barrier, as there was high buying activity at this level. Nevertheless, the index of fear and greed is at an extremely high level – 90 out of 100. This fact indicates the optimistic mood of traders and the continuation of the upward trend. As Krogsgard correctly noted, there are very few people willing to sell coins.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 50 (in the neutral zone).
  • Major Support Level – $ 15,000.
  • Major Resistance Level – $ 16,000.
  • The nearest pivot points are $ 14 892 and $ 15 942.
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