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.


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.