Bitcoin (BTC) Awaits a Possible Breakout Above $11.5k
Bitcoin continues to trade above $11k for the 3rd day straight but appears to draw a flattish trend around $11.3k & $11.4k right after the bullish candlewick rise in the previous week. While BTC price breached the 5-week resistance, it was in the last week when the largest cryptocurrency by market capitalization rose from the bottom of $10.5k to $11.5k in just two days, marking a progression of over 9.5%.
After a notable 5-week consolidation, BTC/USD breached the flattish accumulation with a bullish rise in 2 days from October 8 to 10, 2020. Bitcoin price dynamics is one thing, and the platform is another, leading to innovation in the world of traditional fiat leading to a new revolution, altogether. Leaving behind money and the traditional banking system, Bitcoin is a breakthrough in the advancement and development of the economy.
Email kicked off an information revolution. #Bitcoin and crypto are ushering in a money revolution. Don’t leave yourself behind.
— Tyler Winklevoss (@tylerwinklevoss) October 10, 2020
However, Bitcoin is often compared to assets like Gold, stocks, bond, commodities, and real estate when it comes to return on investment against the amount invested. With a complete surprise, Bitcoin is holding its supremacy even after having over 5000 altcoins in the global crypto market. But intra comparison is fetching all the goals in Bitcoin’s court. The major example happens to be the YTD growth of Bitcoin in comparison to other major assets.
99.9% of the money in the world is invested in assets like cash, stocks, bonds, gold, & real estate. #Bitcoin is competing with alt assets, not alt coins. Educating the majority should be more constructive than debating the minority.
— Michael Saylor (@michael_saylor) October 11, 2020
The year-end prediction for Bitcoin stays put at $14k clearly as per the trend against the US Dollar. However, over the past three days, BTC has been trading with sheer positive crossover due to a bullish divergence from the 5-week consolidation.
The Bollinger Bands squeeze on the hourly chart and awaits a breakout soon. We project a bullish candlewick rise as seen towards the end of the previous week. With a slight decline below $11.5k, i.e., the 5-week high, the MACD draws a bearish divergence.
However, on the hourly chart, BTC/USD is still holding support from MA50 & MA200 at $11.3k & $10.8k, respectively. The RSI is also majorly inclined towards the overbought region at 50.63 after crossing above $11k in the previous week. As the bands widen, Bitcoin is likely to have yet another possible breakout soon. So currently, all the investors & crypto advocates are eyeing on the Bitcoin market and seeking for the right time to invest. You can also invest in Bitcoin & make a good profit from it for that you should know about Bitcoin Robot or automated trading platform. There are numerous platforms available in the market but you should choose the best & legit platform. You can also check on one of the most authentic platforms called the Bitcoin Aussie System. for Furthermore information or to check its legality please check Bitcoin Aussie System Review.