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Bitcoin BTCUSD 28 November 2020

Bitcoin BTCUSD 28 November 2020

Bitcoin touches the price $19,484 on Binance exchange, which is the highest price since last 2 years after the bullish year 2017. After reaching at the second-highest point Bitcoin dump very hard because of emotions driven decision. As per the data suggested in social media, most of the people sold Bitcoin at a price of around $19,000. This creates a huge supply into the market, which often drives the price down. So as per the technical analysis, what could be the next possible support zone or demand zone for Bitching?

Let’s check it out

Bitcoin Analysis

Chart: BTCUSD

Timeframe: 1D

Platform: TradingView

Exchange: Binance

Current Price: $16,940

As we can see into the chart, the Bitcoin price dumped very hard with the huge sell-off volume candle as indicated. Also, I have plotted some retracement zone which indicates better possibilities of bounce up the bitcoin price again for further rally.

Link to Image: https://www.tradingview.com/x/bkmcZT8y/

Bitcoin Price November 28 2020

 

1st retracement zone

The very first retracement zone will be around $15,600 to $15,960. If Bitcoin gets support from this zone, then the possibility of the future price will be more then all-time high. I would not like to make any future price here, but we will see once there is a clear break out above all-time high.

 

2nd retracement zone

The second strong enough retracement zone will be at a 50% range of fib level, which is at $14,534 to $14,700 price range. When we see Bitcoin pump from this area, the very first interest to close the position who take long from here would be the local highest top.

 

3rd retracement zone

Last but not least, this will be at Fibonacci pocket zone level, this is the zone which is the most demanded zone for any coin in any trend. Once the coin got support or resistance at this point, that will be a continuation of the current trend. In this case, we are strongly in upward trend so once Bitcoin got some support at this level, we will see further movement on the upward direction and possible resistance zone would be at the 1st and 2nd retracement zone.

 

Update 23rd Nov 6:50 PM UTC

Recently at the time of writing this update UTC 6:50 PM, 23rd Nov 2020. In smaller time frame 1-hour bitcoin got breakout from the triangle pattern which makes it short term bullish up to $18,300. but the overall scenario is much bearish for retracement zone.

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