Bitcoin Takes a Giant Stride, Reaches $19,828 High, Can Bulls Sustain an Upturn?

Dec 16, 2020 at 14:38 // News
Coin Idol
Bitcoin will see another round of rallies

Bitcoin Price is making a comeback after recovering from the low of $17,629. After the initial rejection at $19,500, the bulls have broken the initial resistance as the price reached a high of $19,828. Certainly, there are possibilities of more upsides as the bullish momentum is sustained.

On the upside, if the bulls can clear the résistance between $19,500 and $ 20,000, BTC will rally above $22,000. Assuming the bulls clear the resistance zones and the bullish momentum is sustained, Bitcoin will see another round of rallies. Nonetheless, if the price is rejected again, there is the likelihood of BTC plunging to $16,400 low. Meanwhile, BTC is in strong bullish momentum as the king coin reaches above the 80% range of the daily stochastic.

Bitcoin indicator reading

 As already indicated the coin is in strong bullish momentum and it is approaching the overbought region of the market. BTC is also in the uptrend zone at 63 of the Relative Strength Index period 14. The price bars are now above the SMAs as the coin resumes upside momentum.


Key Resistance Zones: $13,000, $14,000, $15,000

Key Support Zones: $7,000, $6,000, $5,000 

What is the next direction for BTC/USD?

In the uptrend of November 24, the Fibonacci tool has indicated an upward movement of the coin. On November 26, the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise and reach level 1.618 Fibonacci retracement level. That is, Bitcoin will reach a high of $22,456.0.


Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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