{"id":113028,"date":"2020-11-16T18:00:00","date_gmt":"2020-11-16T15:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/"},"modified":"2020-11-16T18:00:00","modified_gmt":"2020-11-16T15:00:00","slug":"bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/","title":{"rendered":"# Bitcoin price must break this level to extend 6-week winning streak"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3db806c48b7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3db806c48b7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/#Bitcoin_posts_sixth_consecutive_green_weekly_candle\" >Bitcoin posts sixth consecutive green weekly candle<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/#A_correction_to_12000_is_still_on_the_table\" >A correction to $12,000 is still on the table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/#Fear_Greed_Index_says_the_market_is_overheated\" >Fear &amp; Greed Index says the market is overheated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-break-this-level-to-extend-6-week-winning-streak\/#Levels_to_watch_on_lower_time_frames\" >Levels to watch on lower time frames<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price must break this level to extend 6-week winning streak <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin price has been showing significant strength as Bitcoin (BTC)\u00a0rallied by more than 60% in a matter of six weeks, surging from $10,000 to $16,500 and leaving many investors behind.<\/p>\n<p>These investors were waiting for the close of the CME gap at $9,600, which didn\u2019t occur. However, can the markets expect a correction to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en, or is further strength likely for the markets?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_posts_sixth_consecutive_green_weekly_candle\"><\/span>Bitcoin posts sixth consecutive green weekly candle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/5fb4e495-e14b-471c-9950-989bfb9e735c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/lC7CSfct\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The daily chart shows some crucial levels to watch. If Bitcoin\u2019s price wants to continue its upward momentum, the previous resistance zone has to flip for support.<\/p>\n<p>A similar example is shown through the previous breakout at $13,200. This area acted as resistance before the breakout but im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely flipped to become new support. This support\/resistance flip warranted further continuation to $16,500.<\/p>\n<p>The $15,500\u2013$15,700 area implies the same critical construction as the previous $13,200 area. Holding the $15,500\u2013$15,700 area means further upward continuation is likely, while a breakdown confirms the bearish divergence that should push the price down. This downward move may even see BTC drop to the $14,000 level.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_correction_to_12000_is_still_on_the_table\"><\/span>A correction to $12,000 is still on the table<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/14b96bae-4656-442c-a46f-f6726bce0e05.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-week chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/kK0fLRri\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The weekly time frame shows a precise resistance level at $12,000, which was broken six weeks ago. The next massive resistance zone is found between $15,750 and $16,500, which was hit last week.<\/p>\n<p>However, is a continuation likely after such a massive surge? One argument is that there are still many untested levels beneath the current spot price where liquidity can be found.<\/p>\n<p>Moreover, the sentiment has flipped from bearish to euphorically bullish as more institutions jump on the Bitcoin bandwagon, so a pullback\u00a0shouldn\u2019t come as a surprise.<\/p>\n<p>As the chart shows, a correction toward $12,000 could still occur, which used to be a critical level. This level broke after holding for two years. However, a retest of this zone didn\u2019t occur. <\/p>\n<p>Investors and traders should watch this level as a potential entry of interest.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fear_Greed_Index_says_the_market_is_overheated\"><\/span>Fear &amp; Greed Index says the market is overheated<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Crypto Fear &amp; Greed Index measures different variables to gauge current market sentiment, which is still 90 out of 100. This level is qualified as &#8220;extreme greed.&#8221;<\/p>\n<p>This level was only reached once before. This previous one marked the top of the bull run in June 2019. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>Of course, it\u2019s not an entirely reliable indicator, and traders and investors shouldn\u2019t blindly anticipate their strategy based on this one indicator. Nevertheless, it gives useful insight into the current state of euphoria in the market. <\/p>\n<p>Given that FOMO \u2014 fear of missing out \u2014 is setting in, a correction would put everyone back on their feet again. As previously stated, such a pullback would actually be very healthy for an overheated market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Levels_to_watch_on_lower_time_frames\"><\/span>Levels to watch on lower time frames<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/2c1b9190-3c7e-42c7-9207-23c3716ff378.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/UWHi1irU\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The four-hour chart shows a clear uptrend since the breakout at $10,000. However, there are some crucial levels to hold to sustain this momentum.<\/p>\n<p>The red box identifies the liquidity above the recent high. To keep climbing higher, an apparent breakthrough in this resistance zone has to occur in which the $16,500 area immediately flips for support. Otherwise, the breakout will most likely become a fakeout and just a tap for liquidity before the market reverses. <\/p>\n<p>As previously discussed, the $15,600\u2013$15,750 area has to hold for more upside, with the next significant area of resistance at around $17,500. If that area fails to hold as support, the next support zone is found at $14,800 to $15,000. A potential bearish support\/resistance flip of the $15,600\u2013$15,800 area will likely trigger more downside.<\/p>\n<p>If this happens, the next areas of support will then likely be $13,700 to $13,900 and $12,800 to $13,200.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-must-break-this-key-level-to-extend-6-week-winning-streak\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price must break this level to extend 6-week winning streak &#8221; Bitcoin price has been showing significant strength as Bitcoin (BTC)\u00a0rallied by more than 60% in a matter of six weeks, surging from $10,000 to $16,500 and leaving many investors behind. These investors were waiting for the close of the CME gap at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":113029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/83d4f872-0194-4fa5-b60b-9bd05fdb9c9e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75164,73785],"class_list":["post-113028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/113028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=113028"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/113028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/113029"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=113028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=113028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=113028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}