BTC/USD hourly chart

The Bitcoin price had another strong rally after breaking above the US$24,000 resistance as mentioned last week. It broke to a new high above $25,000 and reached $28,244 yesterday. The market saw profit taking actions by the momentum traders, and dipped to $25,813 at one point, which is near the lower Keltner band.

Based on the most recent movement, the resistance is at $28,000, while the support is at $26,000. The institutions may continue to accumulate Bitcoin as their funds receive new subscriptions from their investors. …


BTC/USD hourly chart

The Bitcoin price extended its sideway movement earlier last week, and suddenly started the strong upward trend after breaking the US$19,400 resistance. The sharp rise was mainly driven by institutions that resumed their buying spree after slowing down the pace for 2 weeks.

The current resistance is at $24,000, while the support is at $22,500. The upward momentum has slowed down, indicating the profit taking actions by the short-term traders. If the institutional investors continue buying on a daily basis, the market would see support whenever the BTC price has a dip near the lower Keltner band. …


BTC/USD hourly chart

The Bitcoin price took a dive to $17,629 after failing to hold the $18,500 support. It then rebounded to $19,400 and settled at $19,100. The short-term support remains at $18,500, while the resistance is at $19,400.

Based on the movement in the past 2 weeks, the upward movement has lost its momentum, as the traders took profits on their long positions. The short-sellers took advantage of the lower volume to short BTC, while the institutional investors continue to accumulate Bitcoin on the dip. …


BTC/USD hourly chart

The Bitcoin price rebounded last week and reached US$19,956 but was unable to break above the US$20,000 resistance as mentioned in the previous report. The price retraced to around $18,500 and went sideways afterwards.

As the volatility has decreased, the market is looking for a direction at the moment. The current resistance is still at $20,000. The next move will be determined by the institutional buyers who have been accumulating Bitcoin in November. If they continue to buy and the traders are not ready to take profit, the BTC price may eventually break above $20,000. The current support is at…


BTC/USD hourly chart

The Bitcoin price went above $19,000 and advanced to $19,497. After forming a double-peak, the price quickly dropped below the previous support at $18,000 and reached $16,317. It stabilized at $17,000 and then steadily formed an upward trend to $18,400.

The current support is at $16,500. The market will try to test the $19,500 resistance again next week. The $20,000 level is a big resistance, as more buyers may take profit at that level. If the BTC fails to reach $19,500 again, it may fall back to $18,000 and continue to go sideways until the next direction is determined.

Disclaimer…


BTC/USD hourly chart

The Bitcoin price extended its gain for another week to reach $18,945 and then settled at $18,170. Given the strong upward momentum in the past weeks, it is possible for the price to approach $20,000 in the next 2 weeks.

The current support is at $18,000. In order to keep the current upward trend, the BTC price needs to stay above $18,000 and break the previous peak at $18,634. If the volatility remains high, the price would potentially break above $18,945 and extend its gain further. …


BTC/USD hourly chart

The Bitcoin extended its gain last week and reached $16,481, a level that was last seen in January 2018. The price had retraced to around $16,000. The hourly chart indicates that the price has formed lower highs with a support at $15,830.

With lower momentum and volatility, look for big movement that may drive the price above the previous high at $16,481. In order to keep the current bullish trend, the BTC price must stay above the current support and break the upper Keltner channel at $16,200. …


BTC/USD hourly chart

The Bitcoin had a strong rally that brought the price to $15,888, after breaking above the $14,000 resistance. The price has since dipped to $15,000 and settled at $15,556. The volatility seems to remain high and the movement in the upcoming days may remain strong.

The current support level is at $15,000. If the BTC price continues to stay above $15,000, the market will potentially test the previous high near $15,900 and break above $16,000.

Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. …


BTC/USD hourly chart

The Bitcoin price was able to reach $14,000 as discussed last week, after breaking above the $13,358 resistance. The momentum has since decreased and the price is ranging between $13,600 and $13,900. Considering the $14,000 was a good level for taking profit, the next move can become critical as the U.S. is entering the presidential election week. A higher volatility in the price would be expected.

Given the upward momentum has slowed down, one should start paying attention to the current support level at $13,600. If the BTC price takes a sharp drop below the support line, which indicates more…


BTC/USD hourly chart

The Bitcoin price was able to break the $11,600 resistance early last week and continued its strong rally. It reached $13,358 at the peak and settled at around $13,000. The Bitcoin has not traded at this high level since Jun 2019. It has formed a flag and pennant pattern and the price could potentially reach $14,000 in a subsequent rally if the conditions are met.

The current support is at $12,800. If the BTC manages to stay above the lower Keltner band and breaks above the previous high at $13,358, consider taking a profit at around $14,000. …

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