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Bitcoin Price Prediction: BTC/USD Rallies to $15,300 High as a Further Upside Momentum Is Imminent

 Bitcoin (BTC) Price Prediction – November 5, 2020
Yesterday, the BTC/USD price broke the $14,000 resistance as price rallied above the $15,000 high. BTC is trading at $15,396 at the time of writing.From every indication, the upward move will continue beyond the $15,000 price level.

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

BTC/USD – Daily Chart

On November 4, the bulls finally breached the $14,000 resistance as the upside momentum resumed. Bitcoin bulls broke the $14,000 resistance as price made a U-turn to retest the $14,000 support. The retest above the $14,000 support propelled BTC to rally to a $15,000 high. At the $15,000 high, the bulls faced an initial resistance. The bullish momentum broke the price level to a high of $15,200.

 The price pulled back to retest the $15,000 support to resume the upside momentum. The king coin is surging higher as buyers pushed above the $14,000 ad $15,000 price levels. As Bitcoin continues its upside momentum, the crypto has continued to trade in the overbought region of the market. BTC is above the 80% range of the daily stochastic. The Relative Strength Index indicates that Bitcoin is at level 84 indicating that the coin is in the overbought region.

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Today, November 5, Bitcoin hit the $15,000 price level and the price keeps climbing higher. The king coin appreciated by over $1,000 as Bitcoin continued its upside momentum.According to the data from Cointelegraph Markets and TradingView showed that Bitcoin dealt with the $15,000 barrier repeatedly throughout the day. The bulls were successful as the market reached the highs of $15,200.The price level has earlier been attained in early January 2018. 

BTC/USD – 3 Hour Chart

 

Meanwhile, the projected target price has been surpassed as Bitcoin continued the price surge. On November 3 uptrend, BTC was resisted at $14,066. However, the retraced candle body tested the 38.2 % Fibonacci retracement level. This suggests that Bitcoin will rise to the 2.618 Fibonacci extension level. In other words, the coin will reach a high of $15,034.80. The coin has risen above the projected 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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