Is Bitcoin Building Support Above $18,000?
- Date: 09-Dec-2020
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Is Bitcoin Building Support Above $18,000?
Bitcoin has been moving between $18,000 and roughly $20,000 since November 30. (Photo by Jordan ... [+] Mansfield/Getty Images)
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Bitcoin prices have been trading north of $18,000 since late last month, fluctuating above this level as the cryptocurrency benefits from multiple bullish factors.
The digital currency has stayed above $18,000 since November 30, according to CoinDesk data.
Several analysts commented on these price movements, offering perspective on whether the cryptocurrency is establishing support above $18,000.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Analysts Weigh In
“Bitcoin is currently consolidating between $18,000 and $19,000,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
“We are also witnessing an ascending triangle pattern on the chart, and a breakout above $20,000 this month is a possibility,” he added.
“On the downside, there is decent support in the zone between $18,500 and $18,000,” noted DiPasquale.
Mark Warner, head of trading for London-based financial services firm BCB Group, also gave his two cents.
“From a technical perspective Bitcoin