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Bitcoin Surges to $13K: Those Are The Key Levels On The Road To $20,000 – BTC Price Analysis


As of writing this, Bitcoin just surged to mark $13,000 as its fresh 2019 high: That’s so far, an insane move! Since saying goodbye to the $8,000 level, there was not much correction in Bitcoin.

If you scroll back to the 2017 bull-run, the path is almost identical. Once Bitcoin broke up the ascending wedge pattern, as can be seen on the daily and weekly charts, the coin had ‘fired its engines.’

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Whoever followed Bitcoin price for more than two years would remember how a parabolic move looks like. And here we are again.

After breaking up $12,000, and to understand what levels could slow down the pace of BTC, let’s look back on those magical 30 days, from mid-November 2017 to mid-December 2017 when Bitcoin produced its road to $20,000:

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Bitcoin: Nov – Dec 2017

And here we are now; this is an almost the same 4-hour chart, as of now:

btc_2019_4h-min
Bitcoin: June 2019

The Road to $20,000

– Support/Resistance:
The closest level of resistance is the $12,500 – $13,000 area we are currently at. The $13,000 was also resistance from January 2018. Breaking the last would likely to send Bitcoin to the $15,000 area since there is not much resistance along the way.

Next targets would be $16,400 – $16,650 zone, which saw the most severe correction during the bull-run of 2017. After reaching $16,650 for the first time (Dec.7,2017), Bitcoin saw $12,800 just two days later.

Next is $17,400 (January 7, 2017, high), $18,000, $19,300 and $20,000. At the last levels, we should expect no trouble for Bitcoin since there was not much resistance, and the bulls would easily give the coin a necessary push to conquer $20,000 again.

From the bearish side, possible levels for support would be the past resistance levels. The nearest level would be $11,800 – $12,000. Besides lies the previous high at $11,200, $10,600, $9,800 – $10,000 and $9,400.

– Daily chart’s RSI: This is exactly how a bull-run looks. The RSI is nearing its yearly high at the 88 – 90 area. This could also trigger a possible correction. If the parabolic move continues, it will be interesting and critical to see the RSI rising. Back in 2017 bull-run, the RSI had produced a negative divergence. This means that the last leg to $20,000 was not followed by enough power or momentum to continue further as the RSI was pointing down.

– Trading Volume: The last move is followed by a decent volume of buyers. The green candles are getting higher as Bitcoin increases, money comes in, a healthy bull trend.

– BitFinex open short positions: The open short positions are gaining momentum along with the rising Bitcoin. There are now 29.2 K BTC of open short positions. This is their highest level since May 11. However, BitFinex will soon go down for a 7-hour maintenance period. This could develop something.

BTC/USD BitStamp 1-Week Chart

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BTC/USD BitStamp 1-Day Chart

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