Bitcoin to USD ( BTCUSD ) Weekly Outlook , November 28 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
The demand for Bitcoin BTC dries up across all crypto broker platform following a plunge in mining reward starting from Jul 11 and 13 ’19.
Notice how the pair transitions into a corrective A-B-C wave after completing a 5-wave (Elliot wave) pattern on Dec ‘17. The event was flagged following an earlier collapse in miners reward within Dec 24 and 27 ‘17.
Binomo.com Traders and analysts in the crypto space are worried about the recent corrective pattern, as it could be a zigzag pattern (2nd bearish scenario). Some, however, expect the price to enter the $5000 zone, which is somewhere around the monthly MA-50 (Orange) (1st bearish scenario).
BTCUSD Technical Analysis
BTCUSD Weekly Chart
Resistance: $9024.49, $9586.50, $9767.53, $10380.07, $10955.48, $10350.00
Support: $3650.37, $6515.00, $4912.00
The weekly chart shows a bearish buildup on Nov 04 ’19, forcing the Bitcoin price below the $7293.55 support established on Oct 21 ’19.
If the Bitcoin price plunges lower and enters the MA-200 support, while the MACD sets a new low compared to the Feb 04 ’19 low, we should expect a reversal in the BTC price across all Bitcoin broker platforms.
Resistance: $9199.36, $8170.65, $8088.44, $7349.68
Support: $7159.22, $7349.68, $7018.78
Yesterday’s bullish accumulation pattern and Nov 24 Bearish accumulation pattern get the Bitcoin BTC price enclosed in a range after a 22.8% price drop from Nov 07 breakdown of support.
A close below the $7014.78 level is the most likely scenario; however a close beyond $7349.68 may send the BTC price much higher.
Resistance: $7213.43, $7380.00
The (24-11-2019 04:00) price slump was countered by a regular bullish divergence pattern with a break of bearish resistance on Nov 25 ‘1912:00.
An impending hidden bearish divergence may send the price towards the $5k mark!
Blockstream CEO Adam Back: ‘Nothing Is Above Bitcoin.’
Adam Back Blockstream’s CEO stated that nothing is beyond Bitcoin BTC, not even stablecoins or central bank-issued coins.
He made this known in an interview Cointelegraph. The discussion covered topics such as China’s move to develop a central bank digital currency (CBDC), Facebook’s Libra, and the increasing adoption of blockchain technology by private institutions.
According to the CEO, none of the recent developments and, indeed, the existing technologies match Bitcoin in importance. For Back, “uncensored money” like Bitcoin is of more value than China’s CBDC, Facebook Libra, and any stablecoin out there.
Back who is credited with inventing the hashcash proof of work system was one of the very first people to work with Bitcoin (BTC). He was present in this year’s G20 meetings in Japan and spoke about the positive uses of blockchain.
Conclusion and Projection
We expect the current bearish trend to persist till miners revenue turns bullish. The Bitcoin BTC is projected to trade within the $5k -$5.5K zone approaching Flat-corrective Elliot wave formation.
The point and figure chart below illustrates the recent dynamics of the Miners Reward from a daily chart perspective. If the 17596029.50 resistance is breached, we should see a hike in Bitcoin price.