Bitc0in Price Forecast
Contents
Introduction
The news from the nation of El Salvador has been encouraging to the bitcoin community. The tourist sector is currently exciting because bitcoin brokers and other bitcoin users can transact businesses in the country with bitcoin payments. The country is among the first to officially promote the use of bitcoin as a legal tender.
BTCUSD Technical Analysis
Monthly Chart Bullish,
Monthly Resistance Levels: 69175, 60000
Monthly Support Levels: 28673, 40000, 53100
The crypto world is becoming an interesting place for online brokers as the legal use of bitcoin in El Salvador has continued to boost tourism sectors because more visitors who use bitcoin are going to the country to see how the system works.
The November candle is closing with a bearish candle after hitting the ATH of the bitcoin price. However, the bears need to close lower than the 53100 levels for the price to go lower.
The bullish run is still running because of the bullish surge of October’s candlestick, if the Bulls can hold the support levels of 53100 we can see the bulls push the price higher than the resistance zones for the continuation of the bullish run.
Weekly Chart
Weekly Resistance Levels: 69175, 59509
Weekly Support Levels: 40000, 53100
The BTC/USD pair saw an engulfing bearish candle on the weekly time frame around the resistance zone that happened three weeks back. The selling momentum was slowed around the 53100 level as the week comes to a close. As the new week opens we may likely see a bounce around the zone. The bearish moment may continue if the price of bitcoin can be taken lower than the psychological zone of 53100.
Daily Chart
Daily Resistance 69175, 59508
Daily Support 53117, 40500.
The daily chart shows that the BTC/USD pair has been on a downward trend because of the strong bearish candles. Currently, the price is retesting the top zones of the pair on the chart, if the Buyers can close above the zones of 59508 we can see that a breakout above scenario will attract more crypto traders to open long positions because it will interest the online brokers. However, if the price of bitcoin should fall lower than the low of 53117 the downtrend will continue on the time frame.
H4 Chart
4 Hour Resistance 665903, 59508,
4Hour Support 53118, 43978,
The BTC/USD pair has been bearish on the H4 time frame with strong bearish candles pushing down the price. From the zone of 59508, you can see that the level has been rejecting the Bull’s advancements on the chart. If the level of resistance can be overturned, we may see the Bulls can push the price higher and higher.
However, if the bearish momentum can continue we may see the price drops lower and lower if we get a close below the 53117 levels the price will fall lower.
Bullish Scenario:
The new week is likely going to attract more buyers as the support level is pushing the price up from the low of 53100 on the daily chart.
Bearish Scenario
The bears will need a close below the psychological levels for them to take the price lower on the daily chart.
Bitcoin BTC News Events
El Salvador is Booming in Tourism Sector.
Since the El Salvador government has adopted Bitcoin as a legal tender for the country, the tourism sector has seen progressive growth compared to other sectors. It is the first county to officially take bitcoin to the level of legal tender.
Many users of Bitcoin have been visiting the country for its significance in the ecosystem of crypto. Many bitcoiners and maximalists have visited the county to witness how the decision of the El Salvador government has profited them and how the system works amongst its users all over the world.
The general status of the county has changed because of the direct impact of the bitcoin tourist pouring into the country from different parts of the world. The experience has been beneficial to the country of El Salvador as some traveling bloggers have shared their experiences on their blogs using Bitcoin as means of exchange while in the country. Many travelers have come from neighboring countries and also from the United States of America.
El Salvador has some nice places like El Zonte which is also known as Bitcoin beach because of the adoption of bitcoin. Other popular sites like Cerro Verde National Park, Lago Coatepeque, and several volcanic sites like Santa Ana and Izalco will also attract more bitcoin tourists.
Now that the government is seeing some level of stability in the economy, they started the mining of bitcoin through geothermal energy also challenging the world in its standard. However, President Bukele plans to use some profit from bitcoin to build schools and veterinary hospitals for animals.
BTCUSD Conclusion and Projection
Crypto trading has become an integral part of the people living in El Salvador because it is a legal tender and it is attracting different users of bitcoin into the country and many visitors are also using the opportunity to visit other tourist locations around the country.
The BTC/USD price is sitting on a psychological zone, the price can swing to either side of the chart for an uptrend or downtrend when it breaks out of the consolidation on the daily time frame.
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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