What we are currently seeing on Bitcoin is a really exciting ride and if it continues, soon we may see a new ATH.
Bitcoin only needed seven days to overcome some important resistances and start fighting for a new ATH. But let’s look at the obstacles that await it and what we see on the graph.
According to the graph, it is clear which areas were the most problematic for Bitcoin in these price areas. The first was the $ 16.8K resistance zone, which Bitcoin battled for almost two days. Subsequently, the BTC easily rose to $ 18K where another hurdle was discovered. However, this psychological frontier did not stop the bulls, and after several days of fighting, they headed higher.
According to current prices, however, it looks like traders have problems to overcome the third resistance at $ 18.5K, so it seems that the next challenge at $ 19K must wait. It is very likely that in the $ 19K area, many traders will open short positions.
However, let us not forget the support zones, which will play an important role in these moments. As we can see in the chart, the bulls bounced several times from the $ 17.5K area, and we can call this area the current support. But the most important supports are in the area of $ 15.7K – $ 16K and $ 14K.
Please note that with such rapid growth, Bitcoin may lose at the same rate, so focus more on $ 16K and $ 14K support as you move.
But what is important to remember is the fact that Bitcoin is still in the course and many global media as well as well-known investors fully support it. It is precisely such factors that can push that price even higher, and the laws of the market and technical analysis may not work at all.
- Current support at $ 17.5K
- Very important support at $ 15.7K – $ 16K and $ 14K
- Strong resistance at $ 18.5K, if will be BTC next 24H above this price this area can turn into current support
- Psychological resistance at $ 19K
- RSI 1D/1W/1M overbought
Read also: FOMO on Bitcoin continues and the open interest on CME is now on the highest level ever seen
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