Bitcoin Makes A Strong Attempt To Recapture The $40,000 Level

Nov 09, 2023 at 08:36 // Price
Author
Coin Idol
Bitcoin price has resumed its uptrend

The Bitcoin (BTC) price has made another excellent push to this years highs, breaking through the $36,000 resistance level. Price Analysis from Coinidol.com.

Bitcoin (BTC) Price Long Term Prediction: Bullish

Bitcoin has been trading in a range between $34,000 and $36,000 for the past two weeks as buyers prepare for a possible upward impulse. Today, buyers have surpassed the recent high, with the cryptocurrency reaching a high of $36,746.

Analysts expect Bitcoin to rise to a high of $40,000 if current resistance levels are broken. However, the price indication says otherwise. A retraced candlestick body at the November 2 rally tested the 78.6% Fibonacci retracement line. The retracement suggests that BTC would rise at the 1.272 Fibonacci extension level of $38,480.20 but then reverse. The upward momentum continues as the cryptocurrency approaches the $37,000 mark.

Technical indicators:

Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000

BTCUSD_(Daily Chart) – NOV. 9.jpg

Bitcoin (BTC) Indicator Reading

The price bars and moving average lines on the 4-hour chart were horizontally flat due to the sideways trend. In addition, the price bars are characterised by Doji candlesticks that initiate a move within the trading range.

Today, November 9th, the consolidation phase is over and the Bitcoin price has returned to previous highs. The horizontal moving average lines will almost certainly trend upwards.

What Is the Next Direction for BTC/USD?

Bitcoin price has resumed its uptrend after the bulls broke through the barrier level. The bulls have broken the initial barrier at $35,975 but have not yet reached the high at $37,000. A further uptrend is possible if the Bitcoin price remains above the support at $36,000.

On November 2, BTC reached a new high of $35,975 before falling back into the range bound zone as reported before. 

BTCUSD_( 4- hour Chart) – NOV. 9.jpg

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

Comments

Post a Comment

Popular posts from this blog

1inch DEX aggregator deploys on Ethereum’s layer-2, Base

1inch Network is integrating its decentralized exchange (DEX) aggregation protocol on Ethereum’s layer-2 solution, Base. The decentralized finance (defi) protocol said the goal is to tap liquidity from leading DEXs, including Uniswap, Balancer, SushiSwap, and Base Swap. In this way, they can refine and offer better swap rates. A highlight of this integration is the inclusion of a limit order feature for Base users to exercise more control over their trades. This allows them to set a specific price at which they wish to execute their transactions. Trades are then automatically processed once the market price aligns with the user’s predetermined value. 1/ A new adventure begins Our mascot, guided by #DeFi and #Web3 vibes, has again discovered a circular blue portal. Join us as # 1inch embarks on the next chapter of its thrilling journey, reshaping the industry's future! And remember to welcome @BuildOnBase! pic.twitter.com/6IPVx5Py3S — 1inch Network (@1inch)...
Read more

Crypto AI Economy Suffers $730 Million Loss in 2 Months as Interest Wanes

Image
Less than two months ago, a collection of 74 listed cryptocurrencies centered around artificial intelligence (AI) amassed an impressive $4 billion valuation. However, the intervening weeks have seen a sharp decline in crypto-AI economy gains, with losses of $730 million. The three most prominent AI-driven crypto projects have all suffered double-digit losses, ranging from 10% to 29.58%, against the U.S. dollar over the last 30 days. Interest in the Combination of Crypto and Artificial Intelligence Has Declined, Crypto-AI Token Economy Sheds $730M Various data points suggest that interest in and value of crypto-AI projects has waned. Global search trends for “crypto ai” peaked in early February 2023, with a Google Trends’ score of 100. Despite the rise, over the past 90 days, the score has slumped to a low of 22. Slovenia, the Netherlands, Cyprus, Lebanon, and Nigeria make up the top five countries interested in “crypto ai” searches at present. Global search trends according to ...
Read more

Paysenger Offers The Best Of Web2 And Web3 On Its Social Platform

Paysenger has emerged as a popular choice for content creators and influencers due to its exciting platform that lets them collaborate with brands and interact with fans. The platform’s rapid growth has put its native token, EGO, on track to become one of the most attractive investment opportunities in the crypto space. The consistent development of the content creators’ market has led to a significant amount of investment flowing into this space, opening up a gap for an exclusive platform that specifically caters to the needs of influencers and social media personalities. Paysenger has managed to fill that gap with its collaboration platform that offers tools for content monetization and audience engagement. Paysenger has leveraged the power of Web3 to allow content creators to engage with their audience while simultaneously monetizing their popularity. The platform lets creators generate captivating content, sell posts on the NFT marketplace, engage in paid chats with the...
Read more