Will the Bitcoin boom continue? -Technical analysis

By Oenomel | Crypto Trading Market | 24 Nov 2020

Today I would like to talk about the Bitcoin market, as I am happy to say that the Eth reached $ 620, just like my analysis of the previous day.

In just three weeks, Bitcoin has risen more than $ 7000 and is now surpassing $ 19000. The cryptocurrency world is watching to see when the magic value of $ 19783.06, the record value for December 2017, will be surpassed.

As with the rise in the value of Bitcoin in the crypto world, the debate surrounding it is active in many parts of the world, it includes the facts that with the passage of $ 19000 proving that Bitcoin is not a "tulip bubble" and that it will be the gold that represents artificial intelligence tomorrow.

  • As the bitcoin price rises unusually, whales continue to collect bitcoins and remain motionless, increasing the value of bitcoin value. In addition, whale herds are gradually forming over the next few days


  • With retail on-ramp platforms in the market, including PayPal and Cash App, the $ 20,000 target for Bitcoin is not far off.


  • A trend has emerged in the market where demand exceeds supply and new market actors aggressively supply. The question of what's next is relevant here. This is because the market is fascinated by the fact that PayPal and Cash App buy more than 100% of the new distribution. This is actually drying up the Bitcoin supply.


  • The number of exchanges of online firms has been steadily increasing since October, overcoming the Corona and the resulting crisis, which has led to a huge increase in bitcoin volume.


  • There is a large chance of cascading liquidations as the futures market accounts for the bulk of the value during a Bitcoin uptrend. Spot market's rally, making it more sustainable.

My Technical observations for BTC trades...

An effort to determine the level of support near the region of 18725. Furthermore, with a potential goal at 21025, the BTC will continue to develop. A measure of the support line on the relative strength index (RSI) would be an additional indicator in favour of the Bitcoin rate increase. A drop and a breakdown of the 17645 regions would be the cancellation of the cryptocurrency growth option. This will suggest a continued decline with a possible goal below 16305.

In the following articles on this blog, I would like to write about the basic principles that will be useful for crypto trading beginners as well.

I hope all my readers have been benefited from this small piece of knowledge. Kindly add your valuable suggestions to this article. 



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