• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    decentralized exchange trading

    Decentralized exchange trading lacks infrastructure despite rapid growth

    Binance Coin price

    Binance Coin price prediction: BNB to fall further as $220 support withers

    Bitcoin whale

    Bitcoin Whale moves 7,073 BTC to cold storage

    Binance

    Binance launches support for ADA upgrade

    How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase 1

    How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase

    Digital Yuan

    Digital Yuan-themed scam: Chinese police warns residents to be careful

    Institutional investors

    Institutional investors move 13,000 BTC from Coinbase to cold storage

    Crypto

    Crypto industry reaches a milestone of 100 million users

    Polkadot price

    Polkadot price prediction: DOT to decline to $25

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    decentralized exchange trading

    Decentralized exchange trading lacks infrastructure despite rapid growth

    Binance Coin price

    Binance Coin price prediction: BNB to fall further as $220 support withers

    Bitcoin whale

    Bitcoin Whale moves 7,073 BTC to cold storage

    Binance

    Binance launches support for ADA upgrade

    How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase 2

    How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase

    Digital Yuan

    Digital Yuan-themed scam: Chinese police warns residents to be careful

    Institutional investors

    Institutional investors move 13,000 BTC from Coinbase to cold storage

    Crypto

    Crypto industry reaches a milestone of 100 million users

    Polkadot price

    Polkadot price prediction: DOT to decline to $25

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin price prediction – BTC/USD misses $16,000 again, but bulls hold $15,300 support

Gurpreet Thind by Gurpreet Thind
November 10, 2020
in Bitcoin News
5 min read
Bitcoin price prediction – BTCUSD misses $16,000 again, but bulls hold $15,300 support
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
  • Bitcoin price prediction uncertain as price moves back and forth
  • BTC price stagnant between resistance and support regions
  • BTC/USD rejected again from $16,000 psychological level to find support at $15,350
  • The weekly chart is bullish, but sell signals are flashing on the hourly charts
Bitcoin price prediction – BTC/USD misses $16,000 again, but bulls hold $15,300 support 3
Cryptocurrency heat map by Coin360

Bitcoin price prediction turns uncertain as bears increase selling pressure

In the past one month, the Bitcoin price prediction has charted a highly bullish trajectory jumping from $10,968 to a new high of $15,600. The massive surge has rewarded both investors and traders alike. Now, the tug of war between bulls and the bears has made movements somewhat stagnant as the pair struggles to cross the $15,600 mark.

Sellers have hit the price movement at the higher end of the ascending channel at the $15,750 level. As the markets absorb US Presidential election results, Bitcoin price prediction is reaching uncharted territory.

Bitcoin price movement in the last 4-hours reflects a tug of war situation

Bitcoin price prediction – BTC/USD misses $16,000 again, but bulls hold $15,300 support 4
Bitcoin price chart by TradingView

Both the bulls and bears are trying to wrest control of the price. In the past 4 hours, bulls have maintained the lead to keep the price above the $15,300 support level. However, when the price tries to move beyond $15,500, bears increase the selling pressure and bring the pair down. So far, there’s no clear picture on the 4-hour chart.

RelatedPosts

Bitcoin Whale moves 7,073 BTC to cold storage

Institutional investors move 13,000 BTC from Coinbase to cold storage

Falling GBTC premium may cause investors to dump BTC – Peter Schiff

Dubai fund to trade $750 million Bitcoin for Polkadot and Cardano

There’s no doubt that the daily chart is in an uptrend. However, the hourly timeframes are a little overstretched in terms of buying activity. Bears can take advantage of the scenario to further exaggerate the selling pressure and push prices towards the $14,800 range. The stiff resistance put forth by bears at the $16,000 psychological level is looking reasonably healthy.

The drop in prices and the current stagnation on the hourly charts are essential from the futures market perspective. Most exchanges were reporting a high futures contracts average, meaning the market was excessively long on BTC. Though this bodes well for bullish Bitcoin price prediction, the funding rate must cool down for a stable bullish trend. The current drop towards the $14,900 range is good for bullish Bitcoin price prediction as it cooled down the rather heated Bitcoin futures market.

BTC/USD 4-hour chart – Bears, are ready to grab the driving seat anytime

The bulls’ indecisive movements and the inability to confidently drive past $16,000 resistance are now reflecting on the chart. The pair is currently trading above $15,300 after falling abruptly from $15,800 high a few hours ago. Prolonged indecisiveness can exaggerate the selling and bring the price towards $14,000, where the 20-day EMA presently sits.

Bulls won’t allow the price to move below this level as heavy accumulation is expected to stabilize any aggressive fall. Also, the RSI is almost touching the overbought territory. Even if the chart turns red, the price can remain rangebound between $15,800 and $14,000. This could be the perfect opportunity for the bulls to take charge once again and resume the long-term uptrend.

Will Bitcoin price reach $17,000?

The $17,000 is a lofty target on the hourly charts, even by high bullish Bitcoin price prediction standards. The daily charts are still in bullish territory. As long as the support wall at $14,000 holds well and the MACD remains in an uptrend, $16,000 looks pretty much possible.

The technical indicators warrant that a small correction is due on the hourly charts. Bulls are perhaps ready for the charts to cool down before they begin the next accumulation phase. The little green candles in between large red candles are a sign of an impending correction. Long-term Bitcoin price history suggests there are strong chances of a minor correction.

1/ Relative Unrealized Profit/Loss indicator:

Has now entered the 'Greed' zone on this latest push up by #bitcoin.

Sounds bad but actually we can spend large parts of the bull cycle in this area. We are still early with plenty more room to the upside to go. pic.twitter.com/NiKhjwM7ZQ

— Philip Swift (@PositiveCrypto) November 9, 2020

If traders expect to see $17,000 on the hourly BTC/USD chart, bulls would have to run a strong wave with massive volumes. Institutional investors and BTC whales will also have to take part in this rally. Otherwise, traders will have to wait for a minor correction towards $13,980 before the bullish rally kicks off.

Effect of Pfizer vaccine and US Presidential elections on Bitcoin

The announcement of a 90 percent effective COVID-19 vaccine by Pfizer has put optimism back into traditional markets. Also, the US Presidential elections went by without any unfortunate incident, thereby giving more calm to the markets. All this impacts the safe-haven credentials of Bitcoin, meaning the price isn’t going to experience any sharp uptrend anytime soon.

Soon after the vaccine announcement, the price of BTC moved down towards $14,800 from a high of $15,830. The highly anticipated breakthrough resulted in a drop in prices of both gold and Bitcoin. Global stock markets respond positively, and money is moving out of safe-haven assets as traders move towards risk-on mode. Bitcoin price prediction is still in the bullish region, as BTC is a risk-on asset as well.

BTC whales and institutional investors are always ready to accumulate more BTC at lower levels. Further correction in BTC/USD due to vaccine announcements will also attract accumulation by large investors. The trend will help BTC price stabilize around support levels. As Bitcoin price reaches 2020 highs, bulls need consolidation to keep the weekly bullish momentum going if they want to hit 2017 highs of $19,500.

Bitcoin price prediction conclusion – Expect see-saw movement in the run-up to new highs

Even though Bitcoin price prediction has entered uncharted territory on the hourly charts, the long-term outlook remains bullish indeed. However, traders and investors must expect a zig-zag path to new 2020 highs and not a strong uptrend. The market must demonstrate maturity by giving fair opportunity to the bears to avoid overheating.

Minor corrections are counted as healthy signs of a mature asset. Bitcoin price is posting higher lows and recovering quickly after most recent falls. The present charts show that the market is ready to restart the bullish momentum anytime soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Tags: cryptocurrency tradingcryptomarket
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Bitcoin whale
Bitcoin News

Bitcoin Whale moves 7,073 BTC to cold storage

February 27, 2021
Institutional investors
Bitcoin News

Institutional investors move 13,000 BTC from Coinbase to cold storage

February 27, 2021
Falling GBTC premium
Bitcoin News

Falling GBTC premium may cause investors to dump BTC – Peter Schiff

February 26, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

decentralized exchange trading

Decentralized exchange trading lacks infrastructure despite rapid growth

February 28, 2021
Binance Coin price

Binance Coin price prediction: BNB to fall further as $220 support withers

February 27, 2021
Bitcoin whale

Bitcoin Whale moves 7,073 BTC to cold storage

February 27, 2021
Binance

Binance launches support for ADA upgrade

February 27, 2021
How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase 5

How ethbox Keeps Your ETH Transactions Secure at All Times with a Passphrase

February 27, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 6

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.