Lorenzo Stroe
Independent Analyst
- Bitcoin price just crossed the previous all-time high on Binance surging towards 19,863
- The flagship cryptocurrency faces practically no resistance after this point.
Bitcoin price managed to recover strongly from its last dip at $16,188 and has hit a new all-time high on Binance and a few other exchanges but not all. The flagship cryptocurrency got slightly rejected from the new top but remains trading at $19,700 aiming to crack the psychological resistance level at $20,000.
Bitcoin price facing a potential double top
Despite the current run towards $20,000 and hitting a new all-time high on Binance at $19,863, the potential of a double top is still a real option unless bulls can push the flagship cryptocurrency well above $20,000 and close there on all exchange.
BTC/USD weekly chart
On the 4-hour chart, the TD Sequential indicator is on the verge of presenting a sell signal which is adding selling pressure. Confirmation and validation of the signal followed by strong bearish price action could indicate that this is simply a dead cat bounce and Bitcoin is not yet ready to crack $20,000.
BTC/USD 4-hour and 3-hour charts
The TD Sequential indicator already presented a sell signal on the 3-hour chart which adds credence to the upcoming signal on the 4-hour chart. Due to the magnitude of the bounce, there is very little support towards $16,000. Additionally, there seems to be a significant CME Bitcoin Futures gap formed between $17,000 and $18,000 which might need to be filled first.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.