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Bitcoin at the end of the month all …

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Bitcoin at the end of the month all ...

Bitcoin at the close of the month still updated its historical maximum
CONTENT

  • Bitcoin updated its all-time high on November 30.

  • RSI on the monthly and daily charts gives signals of bearish divergence.

  • BTC may be trading within a short-term symmetrical triangle.

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Closing November trading, bitcoin nevertheless moved its all-time high by $ 19,864, while short-term charts indicate the potential for continued growth.

Yesterday, November 30, the bitcoin (BTC) rate renewed a record high, reaching $ 19,864 and closing trading at $ 19,700. It is noteworthy that bitcoin ended the month with such dynamics.

Bullish month close

At the end of November, the bitcoin rate formed a massive bullish engulfing candlestick, reflecting the strengthening of the price by about $ 6,600. This is the maximum intra-month gain in dollar terms in the entire history of the first cryptocurrency in the world.

Bitcoin at the end of the month all ...

The RSI provides bearish divergence signals, but the MACD does not support it. Due to the accelerated growth rates of the pair, now the first significant support on the chart is noted only around $ 14,000.

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Schedule MTC. Source: TradingView

Signs of weakening

However, it should be noted that the update of historical highs occurred against the background of relatively small trading volumes (compared to the fall on November 26).

In addition, the RSI and MACD give strong bearish divergence signals, and the Stochastic Oscillator has formed a bearish crossover, which promises the market a possible trend reversal..

Schedule MTC. Source: TradingView

On the 2-hour chart, the price has moved above the $ 19,300 area, which previously served as a resistance. It remains unclear if this move is a deviation from the range highs or if it is a full breakout and this breakout level will be tested again..

The deciding factor will be the price behavior in this area – whether it sags under this area or rebounds from it. This will determine the further dynamics of Bitcoin..

The RSI was signaling bearish divergence from the overbought zone and fell below the 70 mark.

In case of a price drawdown, the nearest support area will meet it in the region of $ 17,750- $ 18,154 (Fibo levels 0.5-0.618 of the correction of the last bullish move).

Schedule MTC. Source: TradingView

Alternative scenario

Bitcoin at the end of the month all ...

According to an alternative scenario, the bitcoin rate is now trading inside a symmetrical triangle above the $ 19,300 area and will soon make a bullish breakout. If the size of the move of such a breakout is equal to the entire height of the pattern, then this will push the price up to $ 20,500.

Given the traditional ratio of triangles to waves, we will probably get wave 4. After it ends, the price usually starts to decline.

Schedule MTC. Source: TradingView

Conclusion

Thus, the bitcoin rate demonstrates that it retains a short-term potential for continued growth, which can push the market in the direction of $ 20,500. The decisive factor for determining the further trajectory of the BTC will be the price behavior around $ 19,300 (breakdown or rebound).

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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