Let’s start from the beginning, chronologically and compare the history and the current price action of BTC.
1. All time high from 2013, $1163 per Bitcoin. 2. Price continues to find support at 20 Exponential moving average 3. ATH retested after 162 weeks. ( Price is way too far from 20 EMA) 4. After ATH retest, a 35% correction to 20 EMA was seen, but was bought. 5. Break of ATH with over 15%. 6. Another 35% correction to 20 EMA, which was again bought and then bull run begun.
1. All time high from 2017, $19666 per Bitcoin. 2. Price continues to find support at 20 Exponential moving average 3. ATH is about to be retested in 153 weeks. (Price is again too far from 20 EMA) 4. After ATH retest, a correction based on history is likely to lead the price all the way to $13.000 area to 20 EMA. 5. Possible break of $20.000 ATH with a top located at around $21.750 per BTC. 6. Second retest of 20 EMA with around 35% correction from the top (roughly $14.300)
The one thing that we really do like for the bulls, is the fact that Bitcoin has no known resistance levels above $20.000, other than psychical resistance levels of whole numbers.
This technical aspect has potential to really push the price higher, as selling will be very limited.
Indicators.
RSI broke previous high. MACD is in strong buying wave. EMA’s are too far from the current price and are giving a correction signal.
Awesome post! I know you only posted this 22 hours ago, but what are your thoughts on BTC now?
TiborVrbovsky
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@Shmooki, Thanks! I hope for some sideways, but a lot of outcomes are in play, even a retest of $18.300 uptrend before a test of 20k, but if BTC manages to break $19.500, new recent high, 20k retest is confirmed.