Bitcoin’s Jump To New 2020 High Could Be Continued After Elections

Bitcoin’s jump to a new 2020 high could be propelled even higher after the US Elections finally end. Bitcoin showed positive signs and it seems that there could be even more moves to the upside in the upcoming few days as we are reading more in today’s Bitcoin news.

The price traded to a new 2020 high at $14,338 and it is now well above the 100 hourly simple moving average. This is due to the rising channel forming with support of $13,950 on the hourly charts of the pair. The BTC/USD pair could correct a few points but the bulls are eyeing a breakout towards $14,500 or even $15,000.

After the successful close above $13,800 resistance, bitcoin’s price started a steady increase so the price broke the main $14,000 resistance level and settled above the 100 hourly simple moving average. The price cleared the $14,000 zone and even traded to a new 2020 high so it is now following a bullish path, with more positive signs ahead above $14,000 level. if there’s a downside correction, initial support is nearing the $14,150 level.

The 23.6% fib retracement level from the recent rise at $13,545 swing low to $14,388 high is near the $14,150 so it seems that after bitcoin’s jump, there is a rising channel forming near $13,950 on the hourly charts of the pair. the channel support is near the 50% fib retracement level from the recent rise at $13,545 swing low to the $14,388 high. On the upside, the $14,350 level is a short-term resistance so a break above it could open the doors for another move at $14,500. The next major stop for the bulls could be near the $15,000 level in the near-term.

If Bitcoin starts a downside correction, it could find bids close to the $14,150 level. the first major support on the downside is near the $14,000 level and it could channel a lower trend line. A downside break below the $14,000 level and the channel support could push the price at the $13,800 support or even towards the 100 hourly simple moving average. The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI is well above the 60 levels.

In our recent Bitcoin news, we saw that The popular Bitcoin proponent Cynthia Lummis, a US representative from Wyoming has won a seat in the US Senate.