CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$50,748.00
  • ethereum
    ETH$1,722.37
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » BTC » Bitcoin Price Analysis: BTC Consolidation – ATH or $16K Next?

    Bitcoin Price Analysis: BTC Consolidation – ATH or $16K Next?

    Author: Ollie Leech

    Last Updated Nov 19, 2020 @ 21:24

    Bitcoin price is tracking inside a pennant pattern right now as candle wicks pinch between two trend lines (yellow). This is a classic bullish continuation pattern and usually results in a strong breakout once the asset reaches maximum consolidation.

    According to new figures from Skew, the statistical likelihood of Bitcoin’s price ending the year higher than $20,000 – it’s current all-time high – now stands above 25%.

    Despite this optimism, however, short-term volatility has slackened right off during this period of consolidation. The global crypto market capital has been holding steady around $500 billion for the last 3 days. Will we see another surging rally start soon?

    Price Levels to Watch in the Short-term.

    On the 1-hour BTC/USD chart, we can see that the leading cryptocurrency is currently resting along with the key 0.618 Fibonacci support at $17,933 after an unsuccessful attempt to break the first major short-term resistance at $18,200 (red bar).

    If bullish traders can overcome this area, then we should expect to see the next set of resistances at the following levels above:

    (1) $18,488 – the current high (1.0 Fibonacci level on the chart).
    (2) $18,953 – key daily resistance from December 2017 (red line).
    (3) $19,386 – 1.618 Fibonacci level.
    (4) $19,660 – the official Bitcoin all-time high according to Bitstamp BTC/USD chart.

    It’s worth noting that BTC is now only a 9.05% rally shy of returning to its all-time high price – well within reach considering the asset has risen 16% in the last 3 days.

    If confidence departs from the market and bears take back control of BTC, then there are a range of short-term supports that will likely get reactions:

    (1) $17,933 – 0.618 Fibonacci level and a strong intraweek S/R level.
    (2) $17,700 – Point of Control (blue line) that also overlaps with the hourly 50-EMA line.
    (3) $17,480 – Approximate area of pennant pattern support (yellow line).
    (4) $17,000 – Psychological level and order block support zone (green bar).

    There is also a second major support bar around $16,700 (lowest green bar) that could also help prop up prices in the event of a strong bearish breakout from the pennant pattern. According to the VPVR indicator, the $15,400 level will most likely be the bottom if a heavy correction occurs.

    Total market capital: $511 billion
    Bitcoin market capital: $333 billion
    Bitcoin dominance: 65.2%

    *Data by Coingecko.

    Bitstamp BTC/USD 1-Hour Chart

    bitcoin trading
    BTC/USD chart via Tradingview
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Ollie Leech
    More posts by this author

    Ollie had been involved in the cryptocurrency and blockchain industry since early 2017. Besides being a technical analyst based in the UK, Ollie is co-founding his first crypto-focused startup with SMC Capital. Contact Ollie: LinkedIn

  • bitcoin
    BTC$50,748.00
  • ethereum
    ETH$1,722.37
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!