Bitcoin (BTC) Price Prediction – November 29, 2020
Following the breakdown from $19,400 to $16,400, BTC/USD is struggling to reach the $18,000 price level. Analysts believe that the $18,000 price level must be achieved before the upside move will resume. On the other hand, the $18,000 price level should be attained before any downside.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
On November 26, Bitcoin dropped to $16,400 low after the rejection from the recent high. On a lower time frame, you will find that the candlesticks on November 26 are displaying long tails. These long tails indicate that there is strong buying pressure at a lower price level. These bullish signals put an end to the downtrend. Therefore, BTC price corrected upward but was repelled at the $17,300. The crypto fell and retested the $16,400 support. In the second uptrend, BTC price rose to $17,950 but could not breach the $18,000 resistance. After a minor retracement, the bulls have recouped to resume a fresh uptrend to retest the $18,000 resistance level.
Negative Bitcoin Headlines Affect Speculators and Not Holders by Morgan Creek
According to crypto pioneer, Mark Yusko: “Investors drive long term value, speculators drive current price. The motivation and time horizon for entering Bitcoin will ultimately dictate whether investors succeed in this new asset class.” The CEO of Morgan Creek Capital Management was concern about negative headlines concerning Bitcoin. Mr. Yusko said financial institutions are worried about Bitcoin’s disruptive impact and they want to slow down its adoption. According to Yusko, barriers will be erected against Bitcoin’s adoption and innovation. He said: “When threatened, incumbents always turn to influence of governments to try and slow adoption of new technology through onerous regulation”.
Meanwhile, Bitcoin is rising to retest the $18,000 resistance. On November 28 uptrend, the retraced candle body tested the 78.6% Fibonacci retracement level. The implication is that Bitcoin will rise and reverse at level 1.272 Fibonacci extension or $18,190 high. It will reverse and return to the 78.6% Fibonacci retracement level where it originated. However, the reversal will not be immediate.