- Bitcoin price prediction experiencing a downward motion
- Bitcoin price hits the $15,647 level.
- BTC holding likely to hit $21000 in the long term.
Bitcoin price went up as high as $15,966 before witnessing a drop to $15,647. The kind of cryptocurrency is likely to see new highs, but it appears the post-US election rush is now coming to a halt, and the market is getting back to the real value after the swell.
At the time of writing, the cryptocurrency king is trading hands at the $15,647.43 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and an even weaker selling momentum (4).
The moving averages signal towards a strong buying impetus, with the Exponential moving average valued at $15101.81 inclined towards buying. The oscillators continue a neutral journey with a relative strength index of 84.46, inclined towards selling.
Bitcoin price prediction: Where is BTC headed?
In his Bitcoin price prediction, trading view analyst Trading-Guru discusses the US elections and the rapid changes on BTC charts. The effect of US elections on cryptocurrency markets has been strongly witnessed across the board. The past three days have been not only crucial for the White House candidates but also monetary markets. The huge surge in gold prices triggered a massive 20 percent increase in the cryptocurrency king’s price position.
BTC is holding the reigns with its amplifying position while the alt and stable coin take a hit as usual during the cryptocurrency king’s rapid uptrend. However, there have been stances where the altcoins have benefited from BTC’s ascending domination. The analyst notes a number of trading opportunities in the pipeline once BTC consolidates, and the capital flows make it back to the alternate coins.
The chart above displays the horizontal zones that facilitate mapping the current price positions. Fibonacci retracements further support plotting larger moves.
The analyst deems the most significant BTC levels to be around the $13,000 mark, the $14,000 mark, the $15,000 mark, and the $16,000 mark. The $14 and $16 thousand marks continue to hold powerful psychological value despite breaking through. Moreover, the analyst recommends observing the $15 and $16 thousand marks for further trading as well as getting a short trade between the range keeping in mind the rapid growth in the king’s price movement.
WyckoffMode is of the view that the Red RSI and green line will be significant to the forthcoming trends and demand optimal focus in the 12 hours time frame (TF).
The behavioral patterns of the two indicators and the new 3h, 6h, 12h, and 24h candle patterns will help predict the cryptocurrency king’s future trends. Calling the $750 clump between the upper point of $15,959 and the lower point of $15,198 in the trading range as a fairly compact trading orbit.
The analyst thinks the next 24 hours will decide on a dip from the present range to the White Upper B-Band in the 3-Day time frame ranging from $13,750 to $13,850 approximately. The price may go up to $14,200 if the need for 3-day candles appears to find the base on the White upper Bollingers Band retreat.