Bitcoin Price Analysis: Why Investors Are Almost Certain For The End-Year Rally to $13,000

John Isige Price Analysis published November 6, 2019 | modified January 13, 2020

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Bitcoin Bull - Canadian Crypto Exchange

Bitcoin Price Analysis: Why Investors Are Almost Certain For The End-Year Rally to $13,000

  • Bitcoin embarks on trading a lower high patter following the rejection from recent highs at $10,534.
  • The range resistance at $9,600 and the 100 MA resistance must be broken down for correction to $10,000.

Bitcoin has proved on numerous occasions its ability to rise from the ‘ashes.’ The latest example being the recent recovery from $7,300 to highs around $10,534 (on coinstats). Although there was an immediate reversal that rested levels slightly under $9,000, Bitcoin swung towards $10,000.

Meanwhile, Bitcoin is trading within a wide range with an upward limit at $9,600 and a lower limit at $9,000. An attempt to clear the range resistance on Tuesday failed to yield. For now, Bitcoin is teetering at $9,390 while the upside is capped by the 100-day MA.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview, Coinbase

It is becoming apparent that Bitcoin bulls must gather the strength to clear the resistance at the 100-day MA and $9,600 to be able to launch an attack on $10,000 and higher levels towards $13,000. The descending channel resistance is another hurdle that if broken, will increase the momentum of the breakout.

Also Read: What Will Be Bitcoin’s Price in 2020? Leading Analyst Explains

From a technical picture, Bitcoin’s current ranging trend is likely to continue. The Relative Strength Index (RSI) is in a ranging motion at 58. The recent surge saw the RSI approaches 70 but formed a high at 66. Traders should be on the lookout for movement to the north which is likely to encourage more buy entries. Besides, the range support at $9,000 Bitcoin will find support at the 50-day MA, $8,400, $8,000 and $7,300.

Bitcoin Key Technical Levels

Spot rate: $9,371

Relative change: +53

Percentage change: +0.61%

Trend: Bullish

Volatility: Expanding

Trading range: $9,000-$9,600

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