On Thursday, November 5th Bitcoin preserves the ascending impulse and aims up high. It is generally trading at $14,344 USD.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- BTC price now.
- Mining the BTC has become 16% easier.
- PayPal reports demand for cryptocurrencies.
On W1, the BTC keeps developing the ascending dynamics and has broken away 100.0% Fibo. The aim of further growth is $16,500 USD. The MACD histogram is positive, giving an additional signal of further growth. The signal lines of the indicator keep intertwining upon forming a Black Cross, increasing the chances for the continuation of the growth. The Stochastic lines are heading slowly for the overbought area, hinting at the probability of a soon correction. Judging by these factors, the pair might correct on its way to $16,500 USD and then resume the uptrend.
Photo: RoboForex / TradingView
On D1, the technical picture is almost identical to that on W1: the pair keeps developing the ascending impulse. The aim of growth is also the resistance level of $16,500 USD. The MACD histogram is above zero, which also indicates the possible development of the impulse. The signal lines have formed a Black Cross and go on growing, supporting the growth of the quotations. The two charts together give rather similar indications. A correction in the process of growing to the resistance level looks most possible. The aim of the further development of the uptrend remains at $16,500 USD.
Photo: RoboForex / TradingView
The H4 of BTC/USD also looks rather promising. The Stochastic keeps moving near the overbought area, additionally promising a correction before further development of the ascending dynamics. The aim of the growth on H4 is a bit lower than on the longer timeframes – $15,000 USD.
Photo: RoboForex / TradingView
According to the latest research, mining the BTC has become 16.05% easier, amounting to 16.78 million hashes. This data is used for calculating the processing power necessary for mining 1 block of the BTC. The current decline looks rather deep and might be explained by the decrease in the hashrate. The factor is seasonal: after the rainy season was over in Sichuan (China) miners started relocating their powers to territories with a lower electricity price. Temporary switching off the hardware gives such a result.
Having given access to cryptocurrencies from its services, PayPal reaped good results: director-general Dan Shulman announced that the number of investors who had applied for this access had turned out two times bigger than expected. The high demand made the company increase their weekly limits for buying cryptocurrencies to $15,000 USD from $10,000 USD. In the company, they speak about the intraday activity of cryptocurrency holders: users log in their wallets and check on their investments daily.
PayPal is now working on access to buying, selling, and storing cryptocurrencies. At the beginning of 2021 already, the service may allow paying by crypto in 26 million spots, which is a huge step forward for the market of digital money.
For this article, we’ve used BTCUSD charts by TradingView.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.