Bitcoin to USD ( BTCUSD ) Weekly Outlook , November 7 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
Introduction
A report published by Bloomberg from an analysis of major Indian forex brokers an increase in the trading volume of Bitcoin BTC futures by roughly 50%. The report confirms that Bitcoin BTC is becoming a growing asset class.
Institutional investors that have been risk-averse in the past as a result of sporadic volatility in the crypto industry may deploy tools of both the options and futures market as a hedge against risk.
The BTCUSD shows strong buying prospects despite last week’s bear close. Should we expect a continuation of the October 25 price rally? Let’s go-ahead to analyze the price charts.
BTCUSD Technical Analysis
Weekly Chart
Resistance: $10350.00, $10955.48, $10380.07
Support: $7293.55, $7714.70
Last week’s bearish closing inside-bar after the bullish engulfing candlestick pattern of October 21 signals a correction phase.
A bearish scenario would be a deeper correction of the earlier gains and a break of the $8961.53 support towards the $8531.25 support.
Daily Chart
Resistance: $10350.00, $9819.92, $9438.61
Support: $7293.55, $8961.53, $9092.66
The BTC to USD trades within a horizontal channel built from the bullish accumulation support $9092.66 and bearish accumulation resistance $9438.61 of Oct 27 and 31. A collapse of the support level points to the deeper correction of the early gains before resuming the bullish trend, while an immediate break above the resistance stresses an increase in buying power and a decisive price surge towards the $14K round number threshold.
4Hour Chart
Resistance: $10350.00, $9950.00, $9438.61
Support: $7293.55, $7400.36, $8561.84, $8894.65, $8985.25, $9028.90, $9067.00
Viewing the BTCUSD from a 4hour time frame reveals weak selling power as the bulls again force their way above significant resistance levels of $9179.52, and threatens further price hike.
The hidden bullish divergence pattern also hints on a price increase, although the $9438.61 resistance brings the price a little lower within the range before threatening a break above the level at publication time.
1Hour Chart
Resistance: $9396.91, $9438.61
Support: $8961.53, $9028.90, $9201.19, $9067.00
The intraday 1hour chart reals the Bitcoin price in a parabolic range, starting from a pin-bar price pattern on October 31, which led to about a 3.8% price hike.
At press time, the BTC price breaks above a hidden resistance level after an increase in buying power on November 03 22:00 for an increase of roughly 4.7%.
This may be early signs into a surge towards the long-anticipated $14000.00 resistance.
Bitcoin Fundamentals
Bitcoin Preferred To MasterCard and Visa in Italy
Bitcoin (BTC) is the third-most favored online payment mode according to fresh data by market analysis company SEMRush.
In an October 31 news report by Italian news channel La Stampa, they revealed that Bitcoin comes third after PayPal and PostePay in the table of most-used methods for online payment.
According to the data, Italians prefer using Bitcoin for shopping more than other popular traditional credit cards like Master Card, Visa, and American Express. Bitcoin is reportedly used over 215,800 times monthly for online shopping. While Italians use American Express 189,000 times monthly for online purchases. Other credit cards record 33,950 online transactions per month.
Conclusion and Projection
Fresh money comes into the crypto ecosystem as the leading crypto exchange Binance allows for debit and credit card deposits from Nigerian and United States customers. Residents of these nations can now buy Bitcoin from a reputable Bitcoin broker.
Most of these new investors will be putting their funds in Bitcoin BTC as digital gold and a hedge against economic uncertainties in their countries as we wait for a break above the $9950.00 on the weekly time frame.
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