Bitcoin (BTC) Price Analysis for November 20

Price Predictions
Fri, 11/20/2020 - 14:41
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Denys Serhiichuk
How long is the accumulation of Bitcoin (BTC) around $18,000 going to last?
Bitcoin (BTC) Price Analysis for November 20

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Cover image via www.tradingview.com

Bulls have seized the initiative as all Top 10 coins have come back to the green zone. Polkadot (DOT) is the top gainer among them, rising by 16% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Even though the altcoins are showing a significant price rise, the market share of the main crypto keeps going up and is now 65.6%.

BTC’s market share
BTC’s market share

The relevant data of Bitcoin is looking the following way today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $337,912,366,671

  • Price: $18,217.44

  • Volume (24h): $37,013,049,067

  • Change (24h): 3.03%

The data is relevant at press time.

BTC/USD: Any prerequisites to attain $19,000 next week?

Yesterday, in the first half of the day, sellers pierced the support of the hourly EMA55 but failed to consolidate below average prices. In the second half of the day, buyers restored the pair above the psychological mark of $18,000; however, by the end of the day, the volume of purchases decreased, and the growth failed to continue at night.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

This morning bulls are trying to continue the run using the support of the EMA55 moving average. If market participants believe in growth and support the growth with large purchases, then a new annual maximum is possible around $19,000.

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BTC, ETH, XRP, TRX, EOS, ADA and LINK Price Analysis for November 18

On the other hand, it should be taken into account that bears can increase the onslaught at the level of $18,500, and then they may break through the support of the average price level, returning the pair to the area of ​​$16,600.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) managed to catch very strong support in the $17,400- $17,500 zone and tested it several times already, which may indicate that the bulls are not planning to give up before taking a historic high. The descending triangle, which earlier could have indicated a decline, has also broken upwards. Thus, from the technical point of view, everything looks relatively safe. The only resistance on the way to $20,000 is $19,000, which may be an obstacle for bulls.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, a false breakout of the $19,000 zone may lead the rate of Bitcoin (BTC) to the closest support at $16,000. However, that would be just a correction and not a start of the bearish cycle. Such a scenario is relevant for the upcoming weeks.

Bitcoin is trading at $18,281 at press time.

 
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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.