Bitcoin

Bitcoin breached the $14,000 level – Are you prepared for what’s next?

Bitcoin is climbing firmly, and it even breached the $14,000 resistance versus the US Dollar. BTC is indicating sure signs, and it seems like US election results might trigger swing moves.

  • Bitcoin prevailed in a positive zone, and it rose above the $14,000 resistance zone.
  • Bitcoin traded to a new 2020 high at $14,338, and it is well over the 100 hourly simple moving average.
  • There is expected a rising channel forming with support near $13,950 on the BTC/USD pair (data feed from Kraken).
  • The dynamic duo could correct a few points, but the bulls are likely to eye a break towards $14,500 or even $15,000.

Bitcoin Price is Gaining Momentum

After a strong close beyond the $13,800 resistance, bitcoin began a steady increase. BTC broke the primary $14,000 resistance level and settled nicely above the 100 hourly simple moving average.

Bitcoin cleared the $14,200 zone and traded to a new 2020 high at $14,338. It is presently pursuing a bullish path and revealing many positive indications above the $14,000 level. If there is a downside correction, direct support is near the $14,150 level.

The 23.6% Fib reversal level of the recent rise from the $13,545 swing low to the $14,388 high is also near $14,150. It seems like there is a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The channel support is about the 50% Fib reversal level of the recent rise from the $13,545 swing low to the $14,388 high. On the flip side, the $14,350 level is short-term resistance.

A distinct break above the channel resistance and $14,350 could open the gates for a forward push to $14,500. The next significant stop for the bulls may be near the $15,000 level in the near term.

Are Bitcoin Dips Supported?

If bitcoin starts a downside correction, it could gain bids near the $14,150 level. The significant primary support on the downside is near the $14,000 level and then the channel lower trend line.

A downside break below the $14,000 level and the channel support could push the price towards the $13,800 support or the 100 hourly simple moving average.

Technical indicators:

Hourly MACD: The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 levels.

Major Support Levels – $14,150, followed by $14,000.

Major Resistance Levels – $14,350, $14,500 and $15,000.

Leave a Comment

Leave a Reply