BTC’s huge move above the significant $10500 USD , has created some breathing space for BTC . This gap between BTCs current price and the next should allow BTC to grow further.
Another way showing that BTC is free to move higher with little resistance is through the . The below originated in June 2019 and has provided numerous times since its creation.
BTC has clearly moved away from the downwards trend from which this fan originated, however, it is still applicable. As shown with BTCs recent sideways trading period the provided resistance in the 2/1 region. The 4/1 level than provided support for BTCs to move up in recent days.
The next major is at $12316 USD. Once BTC reaches around the $12000 USD level there will be resistance from the , R4 , and the Fibonacci trend-based extension.
Once this level is reached BTC could likely see a healthy retracement, probably towards the central or top line of the KC ( ). However, before this, a move towards $12000 USD would represent a substantial 6% increase from our current prices.
The momentum is currently with Bitcoin . The break above $10500 USD after such a long rally from $3500 USD is spectacular, the cryptocurrency space is certainly currently.
A good year for BTC!
Watch out for the market and please share your thoughts on the analysis in the comments!