Bitcoin Price Prediction: BTC/USD Continues to Surge Higher as Price Rallies to $17,800

Bitcoin (BTC) Price Prediction – November 17, 2020
Yesterday, BTC/USD bulls retested the $16,400 twice before breaking above it. The BTC/USD rallied to $16,800 but could not sustain the uptrend. The king coin retraced to $16,600 and resumed the uptrend. Following the breakout at $16,800, BTC rallied to $17,800 at the time of writing.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Today, Bitcoin has achieved its target price of $17,200 after the resistance at $16,800 was breached. BTC price is gradually rising to achieve the $20,000 price level. The bull market has been favored by a strong uptrend. The strong trend has enabled Bitcoin to trade in the overbought region of the market. The market has continued to trend higher despite the overbought condition of the market.

The strong trend has also enabled BTC to make corrections within days. For example, on November 13, buyers were not able to break the $16,400 resistance as BTC was repelled. Nonetheless, On November 16, price corrected upward to break the $ 16,400 resistance as the market rallied to $16,800. Today, the bulls have pushed price to the $17,800 high. Presently, BTC is retracing from the recent high. Perhaps, the King coin will have to make another correction before resuming the upside momentum.

Mike Novogratz’s Galaxy Digital to Launch New Bitcoin Fund in Canada
Galaxy Digital is a crypto currency merchant bank founded by Mike Novogratz in Canada. The new Bitcoin fund came into being as a result of good trading volumes in the third quarter of 2020. On November 16, Galaxy Digital has partnered with a Canadian investment company CI Global Asset Management to launch a public Bitcoin fund in the country. In the current dispensation, CI GAM has acquired a receipt for a first-round prospectus for the initial public offering of the CI Galaxy Bitcoin Fund.

In the prospectus, the fund has units of Class A and Class F units at $10 each. According to a working memorandum of understanding, the CI GAM will be responsible for managing the new Bitcoin fund. Galaxy Digital will act as its subadvisor, meaning that it will execute all BTC trading on behalf of the fund.

BTC/USD – 4 Hour Chart

Nevertheless, Bitcoin has broken the $16,000 and $17,000 price levels. According to the Fibonacci tool analysis, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extension That is the high of $18,147.60.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.