Bitcoin (BTC) registered a gain of 8.90% in 2 days. BTC will close today, October 23, 2020, with a red candlestick, a normal correction after this exceptional rise in 48 hours. The next few days will identify the next supports that Bitcoin can rely on to attack the next major resistance at the $ 14,000 level.
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After the explosion, the correction!
The price of Bitcoin is in the process of correcting itself after rising above $ 13,160 today. The BTC dropped to the $ 12,754 level, before rising again. Bitcoin is trading at $ 12,849 as of this writing.
The BTC Currently recording a daily loss of over $ 200, a drop of about 1.50%.
Correction seemed to be an inevitable phase after the strong ascent of Bitcoin of the last 2 days. The daily RSI (14) was then close to 80; it is currently down to the 76 level, the market is still in an overbought situation.
Will the bulls be able to defend the gains of the announcement by PayPal the upcoming launch of its crypto service, or will the whales wanting to profit from the current rise have the last word?
The support test: the dollar comes to the aid
The question now is whether the $ 12,300 will hold if the correction brings Bitcoin to even lower levels.
The area of $ 11,700 – $ 12,300 was a major area of resistance for the BTC, the boost from PayPal allowed him to cross it quickly.
Bitcoin For the time being, it enjoys support that has yet to prove itself at the level of $ 12,750 – $ 12,850.
In his tweet today, the CEO of Hedgeye Risk Management, Keith McCullough, indicates that the BTC remains the asset most negatively correlated to the dollar.
Bitcoin This confirms its status as the best safe haven in the face of greenback inflation, ahead of gold.
Source : Image via Twitter
At a time when the reconfinement progresses in the countries of the North and with the approach of the controversial US presidential elections, the dollar could still lose a few points, in favor of the BTC.
Consolidation, big correction, recovery in sight? Bitcoin’s gradual ascent allows it to plant solid supports on its course for a sustainable rise towards $ 20,000. PayPal will offer crypto services and at the same time have a stock of BTC which will serve as a safe haven against the devaluation of the dollar: the payment giant will make 2 stones at once, enough to make other financial institutions think before the end of this year 2020.
Litecoin, welcome in the Silver Age