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Bitcoin (BTC) Price Analysis for November 12

Is the bullish trend of Bitcoin (BTC) coming to an end?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation has become more bearish on the cryptocurrency market as Bitcoin (BTC) and Ethereum (ETH) are the only coins from the Top 10 list located in the green zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The sharp rise of Bitcoin (BTC) has positively affected its market share, which has increased and now makes up 64.7 percent.

BTC’s market share
BTC’s market share

The relevant Bitcoin data for today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $294,810,186,648

  • Price: $15,902.70

  • Volume (24h): $33,700,047,182

  • Change (24h): 1.84%

The data is relevant at press time.

BTC/USD: Can bulls break the $16,000 mark and keep the rise?

Yesterday, buyers, at medium volumes, pushed the upper border of the ascending channel and consolidated above the trend line. In the second half of the day, the volume of purchases exceeded the average level and the growth continued to a new annual maximum, in the area of ​​$15,990.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

By this morning, the pair was unable to stay in the zone of the annual maximum and rolled back to the trend line, which stopped the decline. If today the upper border of the upward corridor continues to restrain the onslaught of sellers, then the price will renew its annual maximum around $16,200.

👉 MUST READ BTC, ETH and XRP Price Analysis for November 10related article image

If the bears push the uptrend line and roll back the pair below the average price level, then the nearest support, which can stop large sales, may be in the area of ​​the channel's lower border ($14,000).

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) has formed a bearish divergence which means that a correction might happen soon. In addition, the trading volume is going down. If the leading crypto makes a false breakout of the $16,000 mark, one may expect a correction to around $14,800.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, the situation is still bullish as the rate of Bitcoin (BTC) is slightly increasing against the rising trading volume. Thus, the lines of the MACD indicator are going up and confirming buyers' dominance. If bulls fix above $16,000, the next target is $17,000.

Bitcoin is trading at $16,031 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com