Is Bitcoin Heading for New All-time High in 2020?

  • Bitcoin price trading above the price levels of January 2018, after breaking multiple resistance over a yearly chart
  • Bitcoin Dominance is currently at 66.54% having an increase of +1.32% over the day 
  • The level of 18k is acting as the major attraction for the investors, indicating the significance of BTC increasing over time
Source: Tradingview

Bitcoin on 18th November holds the crucial level of $18,000 after the dip of $17,645. It again reclaims to the mark of $18,100 and holding the major level of 18K. BTC most awaited Bull runs continue in November where it tested the high of $18,400 can be considered as the short term resistance for it, while on the upper range the resistance level is $18,950 and the major resistance is at $20,090. 

Technical Levels Continue To Move Bullish Without Any Retracement Signal

b2 1
Source: Tradingview

The Moving Average Convergence & Divergence (MACD) is still supporting the uptrend of Bitcoin trading over no signal of weakness as after Suppressing the Bear’s line (red) by Bull’s line (blue) still trading above the blue line supports the strength of Bull’s.

Source: Tradingview

On the weekly chart, we can see the resistance at the level of $18,950 from the previous bull run, and when the resistance breaks the level of $19,500 can be seen as the new target for the price levels in the coming trading sessions.

Souce: Tradingview

The Relative Strength Index (RSI) is trading at the level of 74.30 currently targeting the overbought zone after the dip from the normal region indicating no sign of weakness in it. 

The Commodity Channel Index (CCI) is continuously in the bullish zone and still trading in the overbought zone while expecting more positive levels in it currently trading at the mark of +159.65 CCI.

supports levels: $15,084, $12,834 and $11,880

Resistance levels: $18,950 and $20,090

BTC Dominance: 66.54%

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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