Wednesday, November 25, 2020
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Bitcoin on the move to break $12,000

  • Bitcoin closed above the $10,000 mark on the 24 hour chart for the 63rd consecutive day.
  • Analysts are currently bullish on Bitcoin and expect a further bullish move towards the $12,000 level.

After a correction of more than 20%, Bitcoin was able to attract new buyers with the price following to rise to  $10,890 at the time of writing. Within the last 24 hours, BTC thus recorded a plus of 1.34%, in the last 7 days a minus of 0.41% and on the monthly chart a minus of 5.56%. The market capitalization has climbed to almost 201 billion USD.

Most of the analysts were rather bearish after the recent correction of 20% and, in view of the CME gap, predicted a further fall in the BTC price to $9,600. However, Blockroot’s founder Josh Rager clearly contradicted this, as the recent price development is in no way unusual for Bitcoin and the crypto market.

Rager explains that Bitcoin continues the upward trend of the last 3 weeks and has remained above the important support zone of $9,900 to $10,175. In his opinion, the bulls will drive the Bitcoin price above the $11,000 mark. In recent hours, Bitcoin has failed in its first attempt to overcome this strong resistance.

Big Chonis Trading describes that Bitcoin offers good entry opportunities and he will open more long positions if Bitcoin rises above the $11,000 mark. However, he urges his followers to be cautious, as BTC is showing a short term uptrend and has closed above the $10,000 mark so far, but the CME gap still allows for a re-visit of the region along the $9,600 mark.

Trader Teddy states that Bitcoin has to break above the $11,000 mark to continue its recent rally. Should Bitcoin be rejected at this level again, a correction below the $10,000 mark could follow.

However, according to the Fear & Gread Index, fears among investors remain high. Since the price climbed to $ 12,000 and the subsequent flash crash, Bitcoin has been in a price range where uncertainty is not easing. Bitcoin Trader Byzantine General says:

Next we have the Fear & Gread Index, which speaks for itself. After the 12k resistance we fell hard and are now consistently stuck in the fear zone.

“CRYPTO₿IRB” explains that Bitcoin is currently below the 200-day moving average (MA200). If BTC stays too long in the current price zone of around $11,000, a strong correction could follow. However, if Bitcoin manages to crack the MA200, the price could quickly rise to $12,000 or higher.

Ethereum, XRP and other altcoins follow Bitcoin

Ethereum, XRP and other Altcoins are also following the recent trend of Bitcoin. ETH is moving sideways with a plus of 0.38 % to $357.23. XRP rose by 1.11% to $0.24. Within the top 20 largest cryptocurrencies, Cardano with a plus of 7%, to a price of $0.10 and Chainlink with a plus of 3.5% to $10.60 show the strongest gains.

The trader JJCycles states that Chainlink is on the verge of another massive upswing and therefore now is a perfect time to profit from another upswing. The weekly chart is showing a massive hammer candle while the weekly RSI (Relative Strength Index) has broken through the middle line for support.

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