As the price of Bitcoin broke the all time high at $20.000, no one knows where the next resistance is located as there no previous resistance levels, which can cause a lot of FOMO.
But we can determine still where the next resistance can be located with few techniques.
The one we will be considering as the most likely one is a psychological resistance, which most of the people will also use. A break of $1.000 values such as $21.000, $22.000 will surely bring some bullish momentum, but it’s unlikely to be a top of an breakout as Bitcoin has shown us.
It’s more likely that the price of Bitcoin will be finding psychological resistance levels between $5.000 price points, so the first psychological resistance is located at $25.000 per Bitcoin with next psychological resistance located at $30.000.
When we look at indicators, they are all pointing towards a bullish outlook as the price is on a strong rise without any bearish technical aspect.
One thing that we may consider a slightly bearish, or rather neutral is the fact that the 20 EMA is far from the price and the price needs to go sideways for a while. The 20 EMA has to catch up, as it’s essential for a healthy grow to go with the 20 EMA.
The overall outlook based on technical analysis is very bullish and is expected to at least retest $25.000, and a test of $30.000 before the end of the year is not impossible!
But we can determine still where the next resistance can be located with few techniques.
The one we will be considering as the most likely one is a psychological resistance, which most of the people will also use. A break of $1.000 values such as $21.000, $22.000 will surely bring some bullish momentum, but it’s unlikely to be a top of an breakout as Bitcoin has shown us.
It’s more likely that the price of Bitcoin will be finding psychological resistance levels between $5.000 price points, so the first psychological resistance is located at $25.000 per Bitcoin with next psychological resistance located at $30.000.
When we look at indicators, they are all pointing towards a bullish outlook as the price is on a strong rise without any bearish technical aspect.
One thing that we may consider a slightly bearish, or rather neutral is the fact that the 20 EMA is far from the price and the price needs to go sideways for a while. The 20 EMA has to catch up, as it’s essential for a healthy grow to go with the 20 EMA.
The overall outlook based on technical analysis is very bullish and is expected to at least retest $25.000, and a test of $30.000 before the end of the year is not impossible!
