Bitcoin Back to $17k: Will There Be Another Pump Before The Month Ends?

The last two November were terrible for Bitcoin. In November of 2019, bitcoin recorded a loss of 17.5%. November of 2018 holds a more significant loss of 32.4%. This November is a lot different from the other ones; one reason is the Bullish market that is still running through the month.

Compared to the last two Novembers, this 11th month this year is the best of all. The month started with the BTC price at $13,791, and at the time of writing, the digital gold is recording a gain of 24.9% in the last thirty days. The month holds many highlights and BTC crossing different resistance levels is the most thrilling of all.

On November 3, BTC made the first attempt to cross the $14k resistance level and succeeded for the first time in the month. Two days later, bitcoin crossed the $15k resistance level, the first time this year. Next is the $16k resistance level that flipped on November 16.

Traders are not content with BTC at $16,000, so they kept rallying the market, and every of their effort paid off as the coin broke the $17k resistance level. Some traders started selling their assets, but a more significant number continued to pump the market. And after a shortfall, BTC rallied past $17,000 and hit $18k. The bullish trend continues until bitcoin hit $19,358 and stopped rising.

Now that the bullish trend is over, the bears are in control of most of the market. Traders are selling off their assets, especially the whales, and it is bringing the market. BTC at above $17,000. It is a result of a short market rally and will drop further.

At the time of writing, a bitcoin is worth $17,002. At this time, RSI is on the rise that indicates that prices will slightly. MACD is heading for the sell region that means prices will fall even despite the increase in RSI. The day may end with BTC’s price at the $16k area (possibly $16,800 region or below) if the selloff continues. If there is going to be another pump, it will not be as high as the preceding ones. Prices are set for the sell-off as many traders are taking profit already.

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Author: Gideon Geoffrey

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Author: Gideon Geoffrey