Technical Analysis : How Far Can The Price Of Bitcoin Continue To Rise?

 

Since the beginning of November, the Bitcoin price has continued to rise after successfully testing the support area at $58,477 – $57,649. According to the coinmarketcap.com site, Bitcoin price has managed to hit an All-Time High of $68,789, this makes Bitcoin even more invincible among other cryptocurrencies.

 

Will Bitcoin’s rise continue?

 

If we draw the Fibonacci line from the previous high at $67,082 and the low at $57,635, we will find the next Fibonacci point at $72,921. Before Bitcoin goes to $72,921.00, it has to stay stable above $67,082 for some time because that price has become a new area of support for Bitcoin.

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The MACD indicator has a golden cross and the line is above the 0, the histogram bar is increasing, this indicates that 70% of Bitcoin is still on the right track to continue its price increase. Daily candlesticks are also still good, there is no sign of pressure from sellers to drop the price of bitcoin. but maybe for some time, the bitcoin price will go wild before heading towards $70,000.

 

 

Cryptocurrency trading is a high-risk activity. Cryptocurrency prices are highly volatile, where prices can change significantly at any time. Please use extra consideration in deciding to buy or sell your cryptocurrency.

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