Cryptocurrency
TA: Bitcoin Jumps To New 2020 High, US Election Results Could Spark Rally To $15K
TA: Bitcoin Jumps To New 2020 High, US Election Results Could Spark Rally To $15K: As reported on NewsBTC, “Bitcoin price is rising steadily and it even broke the $14,000 resistance against the US Dollar. BTC is showing positive signs and it seems like US election results might trigger swing moves. Bitcoin remained in a […]
TA: Bitcoin Jumps To New 2020 High, US Election Results Could Spark Rally To $15K:
As reported on NewsBTC, “Bitcoin price is rising steadily and it even broke the $14,000 resistance against the US Dollar. BTC is showing positive signs and it seems like US election results might trigger swing moves.
- Bitcoin remained in a positive zone and it climbed above the $14,000 resistance zone.
- The price traded to a new 2020 high at $14,338 and it is well above the 100 hourly simple moving average.
- There is likely a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct a few points, but the bulls are likely to eye a break towards $14,500 or even $15,000.
Bitcoin Price is Gaining Momentum
After a successful close above the $13,800 resistance, bitcoin price started a steady increase. BTC broke the main $14,000 resistance level and settled nicely above the 100 hourly simple moving average.
The price cleared the $14,200 zone and traded to a new 2020 high at $14,338. It is currently following bullish path and showing a lot of positive signs above the $14,000 level. If there is a downside correction, an initial support is near the $14,150 level.