Bitcoin's Price Has Risen by About 30% Since the Start of the Month
As the BTC/USD chart indicates:
At the start of November, Bitcoins price was around the $70,000 level.
Today, a single coin is trading for approximately $92,000.
On 12 November, when we last analysed Bitcoins price, we:
Highlighted factors driving bullish sentiment.
Identified a long-term ascending channel.
Predicted a potential correction after surpassing the psychological $90k level.
Now, lets focus on the technical analysis of the hourly BTC/USD chart, which shows that:
Since 5 November (when confirmations of Trumps election victory started emerging), the price has formed a steep ascending channel (marked in blue).
Indeed, the bulls failed to firmly establish themselves above the psychological level, resulting in a correction (marked with a red arrow) last week.
The lower boundary of the blue channel acted as support (indicated by the black arrow), allowing the bulls to attempt a trend recovery and achieve their first milestonebreaking a local descending trendline (marked in red).
It is possible that bullish progress will continue, potentially bringing Bitcoin closer to the significant $100,000 mark per coin.
Read more: https://fxopen.com/blog/en/oa-bitcoins-price-has-risen-by-about-30-since-the-start-of-the-month/
Text source: Forex Trading Blog
