I am looking for Bitcoin to achieve a new all time high in the near future. See where it might find sellers.
🔍 Technical perspective for the crypto king:
- As I delve into the weekly Bitcoin chart, it’s clear that the bullish momentum continues to surge. I’m setting my sights on a $79k target, driven by key technical formations and recent price dynamics.
🧲 Double resistance magnet:
- We are on the brink of engaging with a double resistance magnet, which historically attracts price due to its technical significance. This includes:
- A formidable red resistance line that has been tested twice before: marking the weekly highs of April 12th, ’21 and October 18th, ’21.
- The upper boundary of the prominent yellow channel.
🚀 Current trends for BTCUSD:
- Regaining Historic Heights: Bitcoin has impressively recaptured its significant historical all-time high of $69,000.
- Telling Tail Signs: The pronounced tails on this week’s candlestick and those from two weeks ago reveal underlying buying pressure, suggesting that lower prices are being actively rejected.
📊 Market behavior in crypto: Still bullish:
- The upward trend is evident through the ascending channel colored in yellow, indicating sustained positive momentum.
- The market is consistently carving out higher lows, signaling enduring strength in the uptrend.
- Our eyes are now on the resistance line that’s being challenged for the third time, potentially setting the stage for a pivotal breakout or a strategic retracement.
📈 Strategic considerations when trading bitcoin:
- Await a definitive push above the current all-time high to consider bullish entry points.
- Stay cautious and observant as the market approaches these significant resistance levels.
⚠️ Caution for bitcoin short sellers here (near the previous all time high):
- Short sellers might want to hold their positions, especially with the anticipation of stop orders being triggered above the all-time high, fueling a further surge in price.
🌐 Message to ForexLive.com community:
- Keep abreast of the evolving market landscape and make informed decisions. Have you not registered for free for receiving updates?
- Remember, trading is inherently risky, and it’s crucial to engage with the market based on thorough analysis and personal risk appetite.
- For continued updates and market insights, check out ForexLive.com.
This article was written by Itai Levitan at www.forexlive.com. Source