Can BTC price go to 2020 high? Here are the analysis
October opens with a hurricane. With Wall Street approaching a record-breaking, it is now Bitcoin’s turn after gaining a decent price of $ 1000 in just 3 days. Is 2020 high soon?
Bitcoin took a break from trading during the month of September, with low volatility. As per the analysis, in September there was an issue. It began with massive dumping and slow integration.
Last week on Thursday the market showed a break in favor of the Bulls. Since the triangle was broken at $ 10.8K, it saw a healthy integration and eventually cracked the $ 11-11.2K area, which was much more recent.
To date, as these lines are written, today’s daily candle is marked at $ 11,450. This is the first resistance to view.
However, after three consecutive green days, Bitcoin may rest a bit. In the event of a correction, a $ 11,000 – $ 11,200 grant would consider a very healthy return. Daily closures below $ 11K could change things in favor of bears.
Essentials and Technology
As we know, Bitcoin has recently shown a good connection with Gold and the financial markets. The past few days, especially Thursday and Friday of last week, have earned 2-3% profits from all major U.S. market indicators. Shortly after the closure of Wall Street on Friday – it was Bitcoin’s opportunity to show its strength.
The daily RSI is calculated to be at 64-65, its highest point since August 17th. Despite the excitement, still the trading volume is not yet significant.
BTC rate to be viewed in the near future
As mentioned above, Bitcoin now faces $ 11,400 – $ 11,500 as the first resistance point. If the BTC is able to drop above, then $ 11,800 should be against the weakness before the resistance area of $ 12,000 – $ 12,100.
The initial funding level is now $ 11,200, followed by $ 11,000 and $ 10,800. Total Marketplace of Bitcoin is $ 366 billion, its market cap is evaluated at $ 210 billion and the Dominance Index is 57.5%.
With such results and the backing of investors it is okay to say that one should invest in this digital asset. For trading all you need is a trading account. Registration process is very simple if you use Bitdenex, the process of trading on this platform is handled extremely intuitively. For the security you have features like two factor authentication. If you don’t have a Bitdenex account yet? You can start here.