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Bitcoin Price Prediction: BTC/USD Breaches $18,500, Ready for the Next Move on the Upside

Bitcoin (BTC) Price Prediction – November 20, 2020
On November 18, Bitcoin rallied to $18,500 but could not continue with the price rally. The king coin resumed a sideways move below the recent high. BTC price was fluctuating between $17,400 and $18,200 before the eventual breakout. Today, BTC/USD has rebounded to test the $18,800 price level.

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

BTC/USD – Daily Chart

Bitcoin price has continued to surge ahead and attaining a new high each day. On November 18, BTC reached a high of $18,500 and was resisted. The crypto resumed a downward correction as the price fluctuated between $17,400 and $18,200 for two days. On November 20, the price broke the minor resistance at $18,200 and rebounded to break the $18,500. Today, BTC has risen and tested a new high of $18,800.

The coin has pulled back to resume consolidation below the recent high. There is a possibility of a further upward move but there must be corrected before the resumption of upside momentum. In the previous example above, BTC tested the $18,500 but plunged to $17,200. The bulls buy the dips to resume the upside momentum. Presently, BTC is fluctuating between $18,400 and $18,800 as price pauses for a possible upside move.

Morgan Creek Digital Co-founder Sells His Chevy for Bitcoin
Jason Williams is the co-founder of Morgan Creek Digital, a dedicated digital asset investment business run by Morgan Creek Capital. He sold his car for Bitcoin instead of cash. Most people think that BTC momentum is increasing daily. Therefore, they prefer to exchange for cryptocurrency than fiat money. Reports have it that he sold his 2007 Chevrolet Suburban for 0.4 BTC, which is worth above $7,300.

BTC/USD – 4 Hour Chart

Bitcoin is retracing after testing the $18,800 resistance. On November 18 uptrend, BTC was resisted but a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that Bitcoin will rise to reach level 1.272 Fibonacci extension or the high of $19,202.20. At this price level, BTC is likely to reverse and return to 78.6% Fibonacci retracement where it originated.

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      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.

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