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.
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