Bitcoin (BTC) closed November down 16%. However, the short-term price structure remains bullish.
Bitcoin (BTC): Bulls looking to hit $19,000
Since the beginning of the week, bitcoin has been in a bullish structure. Indeed, this crypto has seen a 6% rise since Monday’s low. The pressure from the bulls allowed prices to break through several significant resistances. We can notably cite the breakout of the 200-hour moving average, crossed since last Tuesday. It is a relevant indicator to determine the trend of an asset. Currently, the bitcoin price is near $17,000, well above this indicator. Which allows us to conclude that this crypto is evolving in an uptrend in the short term.
The recent bulls on bitcoin (BTC) were initiated from the $15,000 support. Indeed, the price bounced off this critical support on November 22nd. Buyer pressure then drove the king of cryptos up more than 10%. At this rate, bitcoin could be looking at $19,000 before the end of the year. For crypto traders who have taken long positions, this level is ideal for placing a take profit.
Closing the week around $17,000?
Bitcoin (BTC) starts the last month of the year on a day in the red. Indeed, this crypto leader has already lost 2% in value, since yesterday’s peak. Its price is currently hovering around $17,000. Everything suggests that bitcoin will spend both weekend sessions in the $16,600 and $17,000 price range. These two levels will act as support and resistance.
If the price breaks the support on Monday, we will probably see a bearish week for bitcoin (BTC). In this case, one could consider its price below $15,000 before the end of the year. On the other hand, if the price breaks the range to the top, we will see more bulls. In this case, bitcoin could hit $19,000.
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