TA: Bitcoin Jumps To New 2020 High, US Election Results Could Spark Rally To $15K

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Bitcoin price is rising steadily and it even broke the $14,000 resistance against the US Dollar. BTC is showing positive signs and it seems like US election results might trigger swing moves.

  • Bitcoin remained in a positive zone and it climbed above the $14,000 resistance zone.
  • The price traded to a new 2020 high at $14,338 and it is well above the 100 hourly simple moving average.
  • There is likely a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to eye a break towards $14,500 or even $15,000.

Bitcoin Price is Gaining Momentum

After a successful close above the $13,800 resistance, bitcoin price started a steady increase. BTC broke the main $14,000 resistance level and settled nicely above the 100 hourly simple moving average.

The price cleared the $14,200 zone and traded to a new 2020 high at $14,338. It is currently following bullish path and showing a lot of positive signs above the $14,000 level. If there is a downside correction, an initial support is near the $14,150 level.

The 23.6% Fib retracement level of the recent rise from the $13,545 swing low to $14,388 high is also near $14,150. It seems like there is a rising channel forming with support near $13,950 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The channel support is near the 50% Fib retracement level of the recent rise from the $13,545 swing low to $14,388 high. On the upside, the $14,350 level is a short-term resistance.

A clear break above the channel resistance and $14,350 could open the doors for a push towards $14,500. The next major stop for the bulls may possibly be near the $15,000 level in the near term.

Dips Supported in BTC?

If bitcoin starts a downside correction, it could find bids near the $14,150 level. The first major support on the downside is near the $14,000 level and then the channel lower trend line.

A downside break below the $14,000 level and the channel support could push the price towards the $13,800 support or even towards the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $14,150, followed by $14,000.

Major Resistance Levels – $14,350, $14,500 and $15,000.

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Author: Refer to Source Aayush Jindal

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