Bitcoin worth nonetheless continues to climb regardless of seven strong weeks of constructive worth momentum. Whether or not or not the cryptocurrency has already returned to cost discovery mode or not, is debatable.
However even when it isn’t, this newest push has introduced the first-ever cryptocurrency to its closing resistance degree earlier than setting a brand new document. When the all-time excessive is cleared, there can be no stopping FOMO from flooding the area as soon as once more and sending Bitcoin to astronomical costs.
Bitcoin Bulls Push To $18,000: Why This Is The Final Resistance Earlier than A New Report
Bitcoin worth motion continues to warmth up, at this level almost rising in a straight line upward. The main cryptocurrency by market cap hasn’t skilled a lot for a correction the whole ascent however has approached the ultimate resistance degree previous to setting a brand new peak.
Will that new all-time excessive be set earlier than the month, week, and even day is over? Or will this resistance degree be sufficient to gradual the FOMO from advancing additional for now?
Both situation is feasible. Bitcoin worth has little or no resistance above right here, as you possibly can see from the 4-hour worth motion left behind across the 2017 high.
So little resistance above $18,800 might imply a brand new document is nearer than most count on | BTCUSD on TradingView.com
However there’s additionally doubtlessly a promote setup perfected – two of them – simply because the cryptocurrency approaches the final stand earlier than worth discovery actually begins.
Brief-Time period Reversal Potential: Promote Setup And Countdown Triggered At Last Resistance
The TD Sequential indicator has triggered a 9 setup and 13 countdown – the 2 indicators counsel that the pattern is overextended and desires to chill off. However as you can too see within the image beneath, Bitcoin has ignored a number of of those indicators on the way in which up.
TD 9 and 13 setup and combo have been triggered on the four-hour chart | BTCUSD on TradingView.com
Over the past cycle, it wasn’t till Bitcoin set a brand new all-time excessive, that the bull market actually picked up in tempo. FOMO is right here now, nonetheless, and with how little resistance is left and the way robust the momentum has been, a brand new document inside days – even hours – can’t be dominated out.
This may very well be it. Is Bitcoin able to set a brand new document, or is that this the short-term reversal for the cryptocurrency to refuel a bit earlier than the complete bull run begins?
Featured picture from Deposit Images, Charts from TradingView.com