Bitcoin Price Weekly Update: 2nd November – 8th November 2020

This week bitcoin holds so many promises for us. As it is in history that bitcoin price always rises towards the end of the year and then reverse at the beginning of the year. 
Bitcoin price has indeed touched the $14,000 level but was stopped by a major resistance at $13,958 which was our target level of last week’s analysis.
As expected the breakout happened after bouncing off the support $13,173 and this was accompanied by the MACD cross.
Speculations say that bitcoin price should hit $20,000 before the end of the year. As this might be feasible it is still important to wait for the price to present itself to us before taking either long or short term decisions.
Bitcoin will be consolidating and may touch the present support level, $13,173 before continuing to the upside, yet the MACD cross is always our confirmation of the breakout for us to take our next entry.
We expect bitcoin to surpass $13,958 this week, nevertheless, we should watch circumspectly as price breakout before we stake our capital. 

Looking at the technical indicators:
    • Major Support Level – $13,173
    • Major Resistance Level – $13,958

Our Recommended Exchanges for placing Crypto Trades

for USD/BTC:for Naira/BTC: If you have any questions, leave it in the comment section below. Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.