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    Home » Crypto News » Time For $9000? Bitcoin Records a New 2019 High: BTC Price Analysis & Next Targets Overview

    Time For $9000? Bitcoin Records a New 2019 High: BTC Price Analysis & Next Targets Overview

    Author: Yuval Gov

    Last Updated Nov 26, 2019 @ 13:36

    As in crypto, following our past week’s analysis, Bitcoin didn’t disappoint its fans and provided the anticipated significant move, and yes, it’s a green bullish move.

    The king of the cryptocurrencies had reached a new yearly record, as well as a new 2019 high after breaking up the $8400 level following a reasonable bullish candle.

    In a little more than an hour, Bitcoin surged $800 to capture $8800 resistance as the new 2019 high, as of writing this.

    As always during the past few weeks, we get significant sharp moves during the weekend. As mentioned before, the trading volume during the weekends is a lot fewer than the volume of weekdays; hence, it’s a lot easier to move the crypto markets.

    Following the breakout of the past high at $8400, Bitcoin breached $8600 to the next resistance level (as mentioned on our previous analysis) of $8800. As of writing this, the coin got rejected there, to gain power for its next wave.

    Total Market Cap: $264 Billion

    Bitcoin Market Cap: $151 Billion

    BTC Dominance: 57.3%

    Looking at the 1-day & 4-hour charts

    – Support/Resistance:
    From above, the $8800 is now the next major resistance Bitcoin faces. Above lies the $9000 resistance mark, then $9200 – $9300 level, before reaching the $9700 – $9800 area which was the high of May 2018, and that is the last barrier before BTC returns to 5 digits.

    From below, $8600 is the closest support level. Below lies $8500 and the significant previous high at $8400, $8200 and $8000. Further below is $7800 and $7600 (this week’s low).

    – Trading Volume: As mentioned above, the trading volume is high, however, not much of a breakout. This can be explained due to the weekend.

    – Daily chart’s RSI: The RSI is now facing the 74 bullish levels, after getting support at the 60 area. As mentioned in our last analysis: “A bullish sign might be coming from the Stochastic RSI oscillator, as it was recently crossing over in the oversold area.”

    – BitFinex open short positions: The last bullish move didn’t blow up short positions, however, since touching $8800 we see the shorts number increasing as it currently stands at 20.5 K BTC open short positions.

    BTC/USD BitStamp 4-Hour Chart

    btc_may26_4h-min

    BTC/USD BitStamp 1-Day Chart

    btc_may26_d-min

    BTC/USD BitStamp 1-Week Chart

    btc_may26_w-min

     

     

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    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 Bitcoin (BTC) Price
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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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