Bitcoin Chart Analysis: Retrace Target Buy Level

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Nov 27, 2020 at 11:40 AM EST

The Bitcoin chart analysis reveals multiple overbought technical indicators flashing red.

Cryptocurrency Bitcoin (BTC/USD) has fallen sharply in the last 24 hours after hitting a double top around $19,500. The pullback should not be shocking as the frenzy over Bitcoin had reached epic levels. In addition, the Bitcoin chart analysis reveals multiple overbought technical indicators flashing red.

As Bitcoin pulls back, investors should look for two levels. the first is just $14,835. This is a minor level but could trigger a near-term bounce. The next support is major. It is found based on a major former multi-pivot point at a price of $12,150. This is a major long-term buy level as Bitcoin will likely continue to move up for years to come. As money printing continues both at the Federal level and the Federal Reserve, Bitcoin has no choice but to increase in price.

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