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Bitcoin Price Prediction: BTC/USD Consolidates Below $18,800 Resistance, Targets the Psychological Price Level of $20,000

Bitcoin (BTC) Price Prediction – November 22, 2020
BTC/USD is consolidating above $18,400 but below the $18,800 resistance. The bulls are preparing to push BTC above the $20,000 psychological price level. This is given the fact that the current support holds above $18,400. Nonetheless, the current price range is likely to be broken when the bullish momentum resumes.

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

BTC/USD – Daily Chart

Since November 20, the $18,400 support has been holding each time price corrects and retest the support level. This is an indication that the bulls are currently defending the price level. The upside momentum will resume if the current support remains unbroken. Presently, if the bulls can push the coin above the $18,800 resistance, BTC will rally to the next resistance at $19,500. The current consolidation will continue if the $18,800 resistance remains unbroken. Nevertheless, in all upside momentum, Bitcoin price correction takes less than 3 days. Thereafter, the bullish momentum will resume or a breakout will occur to propel the coin upward.

Bitcoin Less Volatile than many stocks by Van Eck
Van Eck is an investment management firm manager. He has released new research indicating that Bitcoin’s price movements are less volatile than a third of the stocks listed on the S&P 500. According to him,” the reality shows that the world’s largest cryptocurrency trades with volatility comparable to that of some of the largest companies in the world”. He indicated that every year, 29% of S&P 500 stocks experienced more volatile price fluctuations than the digital currency, while 22% did the same on a 90-day basis, said, Van Eck. The company has advised institutional investors to have Bitcoin on their books.

BTC/USD -4 Hour Chart

Meanwhile, BTC is stalled below the $18,800 resistance. The Fibonacci tool analysis will hold if the current resistance is breached. Otherwise the coin will continue the sideways move below the resistance. A breakout at $18,800 will propel the price to resume the upside momentum. Bitcoin is expected to reach the 1.272 Fibonacci extensions or the high of $19,160.90. Thereafter the next target will be the $20,000 psychological price level.

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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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