18.11.2020 - Bitcoin (BTC / USD)
Hi Traders!
Yesterday, Bitcoin broke the USD 18,000 mark, so let's look at this most famous cryptocurrency. We will use a weekly chart for the analysis.
The closest resistance on Bitcoin is ATH. On our chart, it's the USD 19,255 - USD 19,711 limit. Bitcoin is currently in exponential and it is quite dangerous. In our opinion, it is just as dangerous to long and buy at this time, but also to short. Now, it is best to wait for what Bitcoin will show us. The risk of sudden movement on one side or the other is just too big.
But let's look mainly at the last candles. As we are on the weekly chart, we are already seeing the 7th week of growth in a row. If we look at history, you probably won't find 8 weeks of consecutive growing candles. We will probably close the current week in green, but next week there is a high probability that at least some correction or movement to the side will come. From the value of USD 10,500, we are actually only going upwards, which is not the best in terms of the structure of the chart, as we have not created any supports on the way up.
However, the real show can start after crossing the ATH limit. There, we assume, that real madness and growth can come. This year we have witnessed similar events several times - for example, the car manufacturer Tesla, gold, but also the S&P500 experienced it. Just after overcoming ATH, Bitcoin can start looking for a new price.
May the crypto be with you!
Yesterday, Bitcoin broke the USD 18,000 mark, so let's look at this most famous cryptocurrency. We will use a weekly chart for the analysis.
The closest resistance on Bitcoin is ATH. On our chart, it's the USD 19,255 - USD 19,711 limit. Bitcoin is currently in exponential and it is quite dangerous. In our opinion, it is just as dangerous to long and buy at this time, but also to short. Now, it is best to wait for what Bitcoin will show us. The risk of sudden movement on one side or the other is just too big.
But let's look mainly at the last candles. As we are on the weekly chart, we are already seeing the 7th week of growth in a row. If we look at history, you probably won't find 8 weeks of consecutive growing candles. We will probably close the current week in green, but next week there is a high probability that at least some correction or movement to the side will come. From the value of USD 10,500, we are actually only going upwards, which is not the best in terms of the structure of the chart, as we have not created any supports on the way up.
However, the real show can start after crossing the ATH limit. There, we assume, that real madness and growth can come. This year we have witnessed similar events several times - for example, the car manufacturer Tesla, gold, but also the S&P500 experienced it. Just after overcoming ATH, Bitcoin can start looking for a new price.
May the crypto be with you!
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