The Bitcoin (BTC) price is around $13,700 at the time of writing.
We look at the charts and discuss the possible scenarios, read the update here!
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Bitcoin rate update
With an upward trend and a $14,000 test, we can now speak of a very strong uptrend in Bitcoin’s current price. A first test of this tipping point at which the price has suffered significant losses in the past can be a step towards a new all time high.
But before we think of such increases, the price must take an important step.
The continued rise of Bitcoin’s price is a good sign and we see that bulls are stronger again after a long time since Bitcoin’s first big bull run.
With a rapid rise towards the $14,000 dollar without really consolidating as expected, we can expect more movement soon. The price doesn’t seem to be sitting still, and can only make a long-awaited breakthrough through $14,000.
Bitcoin price 4-hour chart
In order to get a better picture in the short term, this time we include the 4-hour chart from Bitcoin for the sake of clarity. It shows a bit more movements than the day graph and also shows more clearly the current support and resistance regions. This gives us a better picture of the current state of affairs.
The current 4-hour graph of Bitcoin shows us a nice upward trend. Where the resistance doesn’t last long and we continue to rise rapidly. With a strong resistance around $13,800, we see that the price is going to get a little more resistance.
The first test at $14,000 has a slight decline and with the current price high in the $13,700 we see that this resistance is currently holding up.
Bitcoin 4-hour chart November 1, 2020
$14,000 is an important point
Despite the fact that $14,000 is an important life, and the price here has been a failed test. Bulls haven’t been able to hit back yet and the pullback is very limited. An increase by $14,000 in the short term is therefore not a crazy idea. And the chances are considerable that we will see more action around this price in the coming week.
So once again the price looks very bullish and with an approaching weekend we see plenty of chances for a new rise in the coming week. With $14,000 as the first target, followed by probably another rise to high in the $14,000.
As unfamiliar territory approaches, forecasting new resistance becomes difficult. Especially given the parabolic rise in the previous bull run, where the unrealistic reactions there are difficult to extend to the current charts.
What will bitcoin do?
All in all, an exciting and fun time. With enough support on the way to $13,000 and $12,000. With the highest chance of going up to $14,000 and through.
The road to a new all time open is slightly closer than ever, and we’ll soon see how much power the Bitcoin price is breaking up.