Bitcoin (BTC) rallied above 18,000 for the first time in three years to reach the 2020 peak.
November. With BTC reaching $ 17,858 after a high volume on the 17th, many analysts believe it will be a strong resistance level.
According to Filefilb, co-founder of Decentreder, the price of Bitcoin could continue to march higher in the short term if the key holds key support.
The popular analyst tweeted the chart above and said:
“The current PA can still very easily hit towards multiplying the golden ratio, currently 19K.
As shown on the weekly chart, Bitcoin is just a hair’s breadth away from the -19,763 all-time snatch reaching December 2017, and on multiple timeframes, the Volume Profile Visible Range (VPPR) shows a slight resistance above $ 17,000.
Analysts had expected the price to be consolidated in the range of ,500 17,500 to, 17,700 as some traders took profits, but the rally appears to be intended to push BTC higher. To date, Bitcoin has rallied 13.06% after breaking the 16,000 resistance, so the consolidation period is healthy and expected to create support for the next move.
Matt Blom May, head of global sales trading at EQOS, said the fundamentals behind today’s price action and the potential for short-term outcomes.
“The market has turned to the trend, broken the trend channel and is entering a hitting phase. With a strong bull market, the trend is to call at the top, for me, the question is where the rally becomes volatile. “
As the BTC plunged to $ 17,000, there was much debate about whether the near-term high of 2017 would reject the near-term price or break through the ‘resistance’ and come to a new all-time high.
According to Bloom:
“If we drive up to 19,050 this week, I would expect a pull at the 17,000 level,” he said. Bitcoin has a lot of money, they have never experienced a bitcoin retreat! In the past, Bitcoin has left behind sharp moves, but this time, there is a declining component! Lack of automatic liquid liquefaction of leverage lengths. “
In 2017, the rally was driven entirely by retailers and a huge amount of FOMO, but in 2020 the scenario is very different.
Throughout 2020, Syntelgraph has reported a growing trend of large-scale bitcoin acquisitions by institutional investors. The data also show that the rising volumes in the controlled bitcoin and etherium derivatives markets are the result of the big hand associated with bitcoin.
Bloom said:
“The fact that the market is now focusing on its efforts during the illegal working week is a clear indication that real money has arrived, which leads me to believe that many people are probably expecting a shallow.”
