What if Bitcoin (BTC) is now targeting $ 30,000? Is it too early for such an optimistic forecast? BTC resumed its upward path today, November 28, 2020. He is already attacking an initial area of resistance whose crossing would signal a resumption of the bullish rally interrupted by this week’s crash. Bitcoin can always count on institutional investors to defend its price.
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The rally has already started!
The 16,000 USD held, the bulls managed to maintain the price of Bitcoin above. Bitcoin is on the rise again today; he crossed $ 17,000 and is now attacking $ 18,000.
Bitcoin is trading at $ 17,780 as of this writing. It is currently recording a daily gain of 5.88%, which is over $ 987.
The daily RSI (14) is 60; He is again in a bullish zone as he descended to a neutral zone yesterday, November 27, 2020.
Bitcoin must now break resistance at levels near $ 18,000 for a resumption of the bullish rally.
It will then face major resistance at the $ 18,600 level; this area, which played the role of major support, had given way during the Thanksgiving crash.
Institutionals are still there!
The BTC closed with a doji yesterday after the huge red candlestick on November 26, 2020. Markets were undecided the day after the crash. The bulls seem to have finally regained control of the market today.
Some analysts now expect a rally that would lead the BTC at the level of 30,000 USD, if its price manages to stay above 14,000 USD – which is going pretty well for the moment.
Institutional investors who bought in the $ 18,000 – $ 19,000 area should logically continue to support Bitcoin ; some whales are certainly behind the recent crash, but others should therefore work for a resumption of the bullish rally.
A recovery of 18,000 USD before the end of this month of 2020? Was this crash ultimately just a correction whose scale and speed matched those of the bullish rally? Technically, Bitcoin still has a big margin to continue its ascent before the markets are overbought again in the short term. Has the storm passed? Now for good weather?
Litecoin, welcome in the Silver Age