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Bitcoin (BTC) Price Analysis for November 29

Should one expect one more decline of Bitcoin (BTC) before continued growth?

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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 is unchanged since yesterday as the main cryptocurrencies remain in the green zone. XRP is the top gainer today, rising by almost 10%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

While Bitcoin (BTC) keeps trading sideways, altcoins are showing their power, reflecting the dominance rate of the main crypto. At the moment, its value is 62.1%.

BTC’s market share
BTC’s market share

The relevant data of Bitcoin is looking the following way:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $335,175,165,318

  • Price: $18,047.34

  • Volume (24h): $36,159,773,818

  • Change (24h): 4.89%

The data is relevant at press time.

BTC/USD: Trading sideways before a move to $20,000

The rate of the main crypto has remained the same since the beginning of the passing week. The price change has accounted for only +0.02%.

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

On the hourly chart, Bitcoin (BTC) has been trading in a rising channel since yesterday against a relatively low trading volume. The value of the RSI indicator is about to get to the overbought zone, which means that there are low chances of breaking the nearest resistance level at $18,470.

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

On the bigger time frame, the situation is similar, signaling a possible short-term decline. Thus, there is almost no liquidity above $18,800, confirming that it is too early to consider setting new peaks from the current levels.

👉 MUST READ XRP Price Analysis for November 28related article image

All in all, if Bitcoin (BTC) cannot fix above $18,500 shortly, there is a high probability of a correction to the 23.6% level of the Fibonacci retracement ($16,990).

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

On the daily chart, Bitcoin (BTC) is still in the accumulation phase. The liquidity is low, which means that buyers have not gathered enough strength for a continued rise at the moment. Thus, the trading volume is low. To sum up, trading in the area of $16,300-$18,500 remains the more likely scenario for the upcoming weeks.

Bitcoin is trading at $18,063 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