Forex and Crypto News

On the weekly chart, Bitcoin's target is $19000

16:51 23 October /2020

One of the TradingView participants analyzed the weekly chart of the pair BTC/USD and suggested that the price is in the first stage of the “reverse head and shoulders” breakout.

As you know, the head and shoulders pattern is a reversal pattern and is formed when the price forms three price peaks, with the center being the highest. In our case, this is an inverted "head and shoulders". The first shoulder was formed in December last year. The head formed in March and the second shoulder in July. The neckline is around $10200.

btcusd-23-october.jpg

A downtrend is clearly visible on the weekly chart of the pair BTC/USD. Accordingly, if the head and shoulders pattern is triggered, we will see the beginning of an uptrend.

In October, Bitcoin price broke above the neckline. The rise in prices was accompanied by an increase in trade volume. This factor confirms the bullish breakout. Now Bitcoin needs to overcome the level of $13880. This is the maximum in June last year. And if the pair BTC/USD can do this, there is a possibility of growth to the area of $16500. Then the pair BTC/USD will not have serious resistance on the way to $19000.

Fundamental data is also driving the price of Bitcoin higher. Near-zero interest rates by the Federal Reserve, an open-ended bond buying program and a $2 trillion coronavirus relief package.

PayPal also recently announced that it will support Bitcoin and other cryptocurrencies on its system from 2021.

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