Bitcoin
BTC$19 417.13

-0.37%

Ethereum
ETH$1 054.14

-0.74%

Tether
USDT$0.998805

-0.01%

USD Coin
USDC$0.999924

-0.04%

Binance Coin
BNB$219.31

3.08%

Binance USD
BUSD$0.999713

-0.18%

Bitcoin price consolidates as traders contest $19.5K range


03 Dec 2020

#Bitcoin

After an impressive run to a new all-time high on Dec.1, Bitcoin (BTC) price appears to have entered a short consolidation phase as the price ranges between $18,200 and $19,500. The 1 and 4-hour charts show the price compressing into a pennant-like structure and break out from the pattern would likely see the price move to the $19,400 level where is a bit more resistance.

A breakthrough the pennant would also suggest that the $19,000 level could now function as solid support and if bulls are able to flip the $19,400 to $19,500 zone to support then an attempt at overtaking the new all-time high is expected. As many analysts have pointed out, periods of consolidation and pullbacks to retest underlying support are critically important to sustaining the strength of an uptrend.

Furthermore, if Bitcoin is truly is in a bull market, investors will view major and minor pullbacks as purchasing opportunities. Clear evidence of this can be seen in the daily chart which shows traders buying into every significant dip since mid-October. We can also see that the pattern of daily higher lows is intact even after the most recent strong rejections at the $19,000 level.

If Bitcoin price fails to push through $19,200 or loses the $19,000 level, the volume profile visible range (VPVR) shows there’s support at $18,650 and below this at $17,800. $17,800 is also aligned with the 20-day moving average, a metric that has been respected since the uptrend first began on Oct. 7 when Bitcoin price traded for $10,600.

Source


Related

Bears prepare for a new attack on Bitcoin
Bears prepare for a new attack on Bitcoin
BTC Forecast from the President of El Salvador
BTC Forecast from the President of El Salvador
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Loss of correlation with stocks will pave the way for crypto to portfolios
Loss of correlation with stocks will pave the way for crypto to portfolios
Bitcoin swings in a tight cage
Bitcoin swings in a tight cage
Bitcoin is unlikely to bottom so early and high
Bitcoin is unlikely to bottom so early and high
Bitcoin's pump or the start of a rise? America's opening will show us
Bitcoin's pump or the start of a rise? America's opening will show us
May Results: Bitcoin and Gold Fall, NordFX Traders Earn
May Results: Bitcoin and Gold Fall, NordFX Traders Earn

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 57.6% 94 $19 417.13 -0.37% -6.69% $370 518 379 758 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 56% 91 $1 054.14 -0.74% -7.16% $127 934 699 226 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $0.998805 -0.01% -0.05% $66 153 066 492 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999924 -0.04% 0% $55 798 347 438 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.8% 84 $219.31 3.08% -4.71% $35 808 055 268 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $0.999713 -0.18% 0.03% $17 542 191 048 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 62.8% 72 $0.316356 -1.24% -13.78% $15 293 642 726 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 64.4% 77 $0.450457 0.39% -7.35% $15 285 845 233 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 65.6% 74 $32.57 2.28% -14.16% $11 179 080 080 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 76 $0.065111 -0.31% 0.92% $8 638 322 639 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 92% 1 $1.000095 0.04% 0.03% $6 778 457 853 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 67.2% 72 $6.67 -1.75% -14.72% $6 584 853 900 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 56.4% 91 $0.065036 1.48% 2.02% $6 015 244 429 TRX 7 days price change
14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 72% 55 $6.09 2.86% 4.89% $5 813 814 977 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.8% 71 $0.000010 1.53% 0.03% $5 532 168 891 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.