Bitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K

Bitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K
HeadlinesNewsBitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K

Share

Bitcoin Near Crucial Juncture: Why BTC Could Surge Above $18.8K

NewsBTC1 week ago
Published on November 22, 2020 04:28 GMT+0edited on November 22, 2020 04:32 GMT+0

Share

Bitcoin price traded to a new multi-month high close to $18,850 against the US Dollar. BTC is now consolidating gains (while ripple surged 35%) and preparing for the next major move.

  • Bitcoin traded above the $18,000 resistance and almost tested the $19,000 level.
  • The price is now consolidating above $18,000 and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $18,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally further above $18,800 or it might correct lower towards the $17,350 level.

Bitcoin Price is Consolidating Gains

This past week, bitcoin extended its rise above the $17,500 and $18,000 resistance levels against the US Dollar. The BTC/USD pair even cleared the $18,500 level and …