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Bitcoin (BTC) Price Analysis for November 5

Is $15,000 the last mark before a deep correction?

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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 cryptocurrency market has changed completely since yesterday. Almost all Top 10 coins are showing enormous growthexcept for Cardano (ADA), whose rate has declined by 1.21%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The rise of the market has positively affected the capitalization index, which has rocketed by $20 bln and is now at $420 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin is looking the following way:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $276,296,106,930

  • Price: $14,907.10

  • Volume (24h): $557,571,035,323

  • Change (24h): 8.44%

The data is relevant at press time.

BTC/USD: Can traders expect a correction after $15,000?

Bitcoin (BTC) has shown massive growth over the last time. The rate of the chief crypto has increased by 8.44% over the past 24 hours.

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

On the hourly time frame, BTC is overbought, as the RSI indicator is already above the 70 mark. In addition, there is not enough liquidity to overcome the next vital resistance of $15,000.

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That is why the most likely scenario is a correction to the zone of $14,250-$14,300 before the rise continues.

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

On the longer time frame, the short-term scenario is also much more relevant than fixation above $15,000. However, in this case, the drop may be more profoundto the zone of $13,800. However, such a movement should be considered as part of the correction but not the start of a bearish cycle.

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

On the weekly chart, Bitcoin (BTC) still has space for growth. The MACD indicator is green, which supports ongoing buyer dominance. From the technical point of view, the next stop at which bears may show resistance is at the level of $16,300. It was reached at the beginning of 2018.

Bitcoin is trading at $14,915 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