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Bitcoin must now reclaim these price levels to resume its rally to $20K

27 Nov 2020


The price of Bitcoin must now reclaim the $18,000 level for a chance to resume November’s bullish trend. Bitcoin (BTC) has been seeing significant momentum in previous weeks as its price was approaching the precious $20,000 all-time high. However, an abrupt end came to this glorious rally, with Bitcoin price crashing severely over the past 24 hours.

While most investors were celebrating a potential new all-time high, the price of Bitcoin dropped from $19,500 to $16,300, a drop of 15% in less than 24 hours. The majority of the crypto markets also followed suit with alts in the deep red across the board on Nov. 26.

Bitcoin loses crucial level for support and drops heavily

The crucial area to hold between $18,400 and $18,700 was lost. This area was vital as support due to several reasons. The first one is the immediate failure of the uptrend. If Bitcoin’s price dropped below this support level, it means that the uptrend of flipping every previous resistance to support failed. As the chart shows, the breakdown caused a downward chain reaction. This is the second reason, as losing that level triggered many stop/losses fueling the drop.

Previously, many traders likely anticipated a further up-move, as the funding rates were favorable on most exchanges. This breakdown and the imminent chain reaction of stop/loss triggers are a typical outcome of a trend reversal.

Indeed, it’s quite common that market corrections don’t happen in a smooth manner. They are often vertical and painful. Staircase up, elevator down.

Total market cap likely to correct to $400 billion

The weekly chart of the total cryptocurrency market capitalization often shows a much clearer perspective. In this manner, the total market cap reached the 1.618 Fibonacci level, where it hit resistance, similar to the $600 billion range.

More importantly, the total market cap established a new higher high and broke above the previous resistance zone at $400 billion. This breakout above $400 billion was the first breakout in more than two years, as this level served as a difficult hurdle for the past few years.

Therefore, a correction back to this resistance level to confirm as new support should be almost expected and certainly healthy at the start of a new bull cycle. More importantly, a correction toward this level would also line up with the 0.35–0.382 Fibonacci region, which is often used by traders and investors to look for a potential entry.

What are the levels to watch for Bitcoin?

The Bitcoin price chart shows a breakdown below the $18,500–$18,800 area and that’s immediately the most important resistance to break if the market is to turn bullish again. Regardless, the region between $15,800 and $16,300 is a crucial support zone to hold and is currently holding as one on the daily timeframe. In that light, a new range is established. As long as Bitcoin sustains support above $15,800–$16,300, the bull market is likely to resume.

However, if it fails to hold support, a further correction toward $13,800–$14,200 should be expected next. This level is the summer 2019 high, where the next bullish support/resistance flip can occur.

On the higher timeframes, $18,000–$18,200 is the first clear hurdle to break, as that was the level the price of Bitcoin failed to break earlier today on the rebound. If that breaks, the next area to watch is $18,400–$18,800, at which today’s downward chain reaction began.



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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 73.2% 50 $68 622.46 1.24% 0.74% $1 352 244 970 263 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.8% 83 $3 765.75 -0.28% 0.15% $452 415 883 627 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.999683 0.04% 0.02% $111 928 235 636 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.8% 6 $596.61 -0.17% 0.68% $88 050 989 954 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 62.8% 76 $168.10 -0.68% -1.47% $77 263 137 184 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000023 0.01% 0.01% $32 197 734 673 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92.4% 6 $0.522195 -1.33% -1.91% $28 945 490 305 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 57 $0.160154 -3.46% 1.47% $23 142 913 180 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 85.6% 20 $0.448107 -2.40% -3.96% $15 996 646 457 ADA 7 days price change
10 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.6% 43 $0.000027 -1.69% 10.35% $15 773 784 154 SHIB 7 days price change
11 Toncoin (TON) TON Toncoin predictions 69.2% 56 $6.49 -0.24% 3.37% $15 645 142 151 TON 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 52 $36.44 -1.24% -3.98% $14 319 830 046 AVAX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 61.6% 88 $18.18 -4.37% 14.40% $10 675 478 321 LINK 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 72.4% 50 $68 369.76 0.98% 0.71% $10 629 206 030 WBTC 7 days price change
15 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change

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