CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$28,068.00
  • ethereum
    ETH$1,723.38
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Surges Towards $15K, How High Can The Parabolic Rally Reach? (BTC Analysis)

    Bitcoin Price Surges Towards $15K, How High Can The Parabolic Rally Reach? (BTC Analysis)

    Author: Ollie Leech

    Last Updated Nov 5, 2020 @ 13:05

    Bitcoin price continues to break new grounds today as bulls prepare to take on the $14,900 resistance. Since the bottom of the brief dip yesterday at 08:00 UTC, $24 billion has been added to the market with most of it being piled into BTC.

    Bitcoin dominance has now broken over 65.0% for the first time since June, which shows there’s currently little interest in altcoins at this moment in time. Even some of the typically strong performing DeFi tokens such as Yearn.finance (YFI) and Dai (DAI) are in the red today, down 7.89% and 0.04% respectively.

    It’s also worth noting that November tends to be one of the best seasonal times for Bitcoin, according to data collected by Willy Woo, and is profitable over 70% of the time.

    Price Levels to Watch in the Short-term

    On the 4-hour BTC/USD chart, we can see that the leading crypto is flying towards the $14,900 mark where it will likely meet some selling pressure from short traders and investors taking a profit.

    If bulls can overcome this level without much difficulty then it should be a good signal that there’s enough momentum in the trend to take on the psychological $15K milestone above. This was a key daily close level back on January 8, 2018, and will certainly test the confidence of BTC bulls.

    Looking above this critical area, we have additional daily resistances around $15,260, $15,385, and $15,800 that could create some friction as the rally continues.

    If the current leg of the uptrend runs out of steam, however, and bitcoin fails to hold above the $14,800 or $15,000 resistance levels in the short-term, then we should expect to see the $14,100, $13,800, and $13,590 (lower green shaded lines) supports play an important role in propping the asset up from further decline.

    On the RSI indicator, we can see promising signs of a bullish trend reversal. The asset has successfully broken through the down-trending resistance level (red) and is printing consecutive higher lows. Over the 4-hour, daily, and weekly timeframes, bitcoin is well and truly in the overbought region but that doesn’t seem to be impacting the momentum much, which implies hype and greed are fuelling this rise as opposed to technical factors. Because of this, it’s possible that prices may fall as sharply as they have risen if the asset shows any weakness at the $15K resistance – as greed turns back into fear.

    Total market capital: $427 billion
    Bitcoin market capital: $275 billion
    Bitcoin dominance: 64.5%

    *Data by Coingecko.

    Bitstamp BTC/USD 4-Hour Chart

    bitcoin trading
    BTC/USD chart via Tradingview.
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


    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$28,068.00
  • ethereum
    ETH$1,723.38
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    We’re Still the Most Compliant Crypto Exchange Today: Binance’s New CMO Sheds Light On Its Urgent Challenges (Exclusive)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Quantstamp’s CEO: Here’s Why ‘Audited By’ for Crypto Security in 2023 is Not Enough (Interview)

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    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!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    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!