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Home Press Release

Technical Indicators Show Bitcoin Could Lose Momentum and Hit 14K

Guest User by Guest User
November 21, 2020
in Press Release
4 min read
Technical Indicators Show Bitcoin Could Lose Momentum and Hit 14K 3
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Bulls pushed Bitcoin price to as high as $18,400 on Nov.18, but the victory was short-lived, as Bitcoin flash-dropped to $17,234 before doing a slight recovery.

But the higher Bitcoin goes, the more worried traders get, for they are afraid that Bitcoin could repeat a corrective downtrend in December 2017, which took Bitcoin from $20,000 to $10,100.

Analysts have pointed out that several technical indicators suggest Bitcoin’s ride to 20K will not be as easy as some hope.

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What do technicals say about the trend?

There exists a divergence between the Bitcoin price and its daily trading volume. Such divergence usually occurs when the buying power fails to further boost the price. One TradingView.com-based pseudonymous chartist commented as:” The volume has been falling while the price has been rising. This is a bearish indicator, showing that the trading activity is supporting the elevating prices at a decreasing rate.”

Technical Indicators Show Bitcoin Could Lose Momentum and Hit 14K 4

Unlike the previous bull run, Bitcoin’s recent rally is less driven by FOMO sentiment. The continuing increase in prices could deter retail investors, whose risk tolerance tends to be lower than those of institutional investors, from investing more in Bitcoin. 

As for the RSI, there exists a significantly overbought, signaling a potential sell-off. 

Technical Indicators Show Bitcoin Could Lose Momentum and Hit 14K 5

According to Matthew Weller, head of market research at GAIN Capital, Bitcoin is in the overbought zone and we could expect some pullback or consolidation, but “the world’s oldest cryptocurrency has closed exactly three days above the current price near $18,000, so there’s little in the way of overhead resistance to prevent new all-time highs this year.”

Can Bitcoin keep up the good work?

Unlike the 2017 rally that drew strength from retail traders and the spot market, the momentum Bitcoin gained in the past few months mostly came from institutional investments and giant companies. Institutional giants such as Square Inc, Paypal and JPMorgan have sent positive signals for adopting bitcoin, which in turn boost investors’ confidence that bitcoin could act as a diversifier in times of uncertainty. A break above 16K could reignite retail investors’ enthusiasm and add fuel to the bull run; while retracements could cold off the market. 

Friday came the news that Skybridge Capital may invest $3.6 billion in Bitcoin. Skybridge is just one of the many traditional investors who show a keen interest in Bitcoin. Jesse Proudman, CEO of crypto hedge fund Strix Leviathan, remarks that the sentiment surrounding Bitcoin has significantly improved in 2020: “Over the last few weeks, the sentiment around Bitcoin has dramatically improved, driven by a constant drumbeat of news of widening institutional interest.”

In the long-term, Bitcoin’s bull run is almost unstoppable. Should it secure $17,200, the next resistance would be around $19,700. By then, we could know whether the post-halving rally is approaching. 

Choose your trading strategy

In the short-term, bitcoin still has room to fall should the pandemic worsen, then we will experience bitcoin’s great volatility again. Any good news from the research of COVID-19 vaccines or stimulus packages will give bitcoin a boost. 

Here are two options worthy of trying during the time:

Option 1: A wallet designed for traders and hodlers

You might want to continue to hodl your BTC and wait for a clear signal. However, as we don’t know how long it will be, meanwhile you could consider storing your BTC into an interest-bearing wallet, where your deposit could gain up to a 30% annualized interest rate. 

Option 2: Take advantage of volatility

As long as there is volatility, there are opportunities to make profits. Using leverage, traders can long or short Bitcoin by opening a position X times more than their actual capital.

Bexplus, a leading cryptocurrency leverage trading platform, even offers a 100x leverage. Even at times of great volatility, you can generate profits with the help of Bexplus. And its Stop Loss & Take Profit options could help you lower the risks and lock in profits. 

Bexplus – Recommended Leverage Trading Platform

  • No KYC requirement, registration with Email verification within a few minutes
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Disclaimer. This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Guest User

Guest User

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