Bitcoin has been constantly moving up since 10k with some skeptics still calling for a short. BTC created this upwards channel from the start of the move upwards starting from $16124 - $16599 weekly support range.
From there, Bitcoin 1st touched rejected off of the $18953 monthly resistance level (basically previous-ATH) and dropped back down only to find the upwards channel acting as a level of support.
BTC yesterday regained $18383 as support and found the $18953 monthly level resistance turned support. From here, I expect BTC to dance around with this $18953 monthly level a bit going up and down around it until eventually hitting the ATH on BitStamp at a devilish price of $19666. I don’t like that number but I don’t make up these levels, you should bring that up with the market makers.
It’s only hours away from Bitcoin hitting ATH price and from there hitting 20,000 and beyond should be a breeze. BTC should go back down a bit to maybe even $18750 before continuing its move upwards. All time high is coming and it is coming very soon
TP1 🎯 $19666 (Previous ATH)
From here on out, the support & resistance levels marked out on my chart don't carry any meaning anymore, we need to find new levels but that will only come with time. It'll be hard but fun doing technical analysis with never before seen prices on Bitcoin, i'm very excited for whats to come. The best is yet to come
big differences between 2020 and 2017
Half the supply of new BTC being mined (6000 BTC last week)
Grayscale and 2 other funds buying up a months worth of mining last week (24,000 BTC last week)
Half the supply of new BTC being mined (6000 BTC last week)
Grayscale and 2 other funds buying up a months worth of mining last week (24,000 BTC last week)