Bitcoin has a clear path to $16,000 after confirming support at $14,500.
The bellwether cryptocurrency is in the hands of the bulls as they nurture the uptrend to $20,000.
Bitcoin is dancing at $15,545 amid a recovery mission from the key support highlighted by the 50 Simple Moving Average (SMA). Stability and calm have also returned to the market in the wake of the United States presidential election.
The flagship cryptocurrency is mainly in the bulls’ hands amid the push to nurture the uptrend to new yearly highs. Last week BTC/USD rallied to levels close to $16,000, where a new yearly high was achieved at $15,980. A correction came into the picture but Bitcoin found a balance above $14,500, averting potential declines to levels below $15,000.
According to the Relative Strength Index (RSI), Bitcoin has a clear path to $16,000. If buy orders increase in the coming sessions, Bitcoin overshoot $16,000 to kick start a massive rally to $20,000. It is worth noting that the fear of missing out (FOMO) is usually one of the main factors behind extended bullish markets.
BTC/USD 4-hour chart
Some delay is expected at $15,980 before BTC makes the final approach to $16,000 and levels beyond. On the flip side, the initial point of contact in case of a reversal would be the 50 SMA, as highlighted at $14,500.
The 100 SMA in the 4-hour range is in line to stop extended declines, averting possible losses to $13,000. If push comes to shove and the breakdown is massive, the 200 SMA, currently at $12,708 will come in handy.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com