BTC/USD analysis, November 9

09.11.2020 18:33:39

If you analyze the weekly chart of the pair BTC/USD, you can see that the last weekly candle closed above 2019 high. If last year the maximum price was fixed at $138880, this weekly candle closed at $15489, and the weekly high was fixed at $15968.

The bullish rally in the price of Bitcoin was supported by uncertainty in the US election results, data on cryptocurrency adoption by PayPal, and companies like Square and MicroStrategy.

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In turn, halving also contributes to an increase in the price of an asset, as miners became reluctant to sell their Bitcoins at a cheap price, expecting it to rise. Thus, this creates a certain deficit in the market.

The price chart of the pair BTC/USD suggests that the pair do not have serious resistance on the way to 2017 high. However, before a new rally, the pair BTC/USD may consolidate or show a pullback to the area of $14000. An important support level may be the mark of $12000, below which the price will not fall.

On the weekly chart, the RSI indicator shows that the pair BTC/USD has entered the overbought zone.

The next level to look at is $17500.