Bitcoin Smashes Through $20,000 — What’s Next?

2020-12-18 13:45

The Bitcoin (BTC) price has broken out above the previous resistance area at $19,450 and proceeded to reach a new all-time high.

This is likely the fifth wave in a bullish impulse which is expected to take Bitcoin to higher targets.

  Bitcoin Breakout Leads To All-Time High

Yesterday, the BTC price broke out and has now moved considerably above the $19,450 resistance area. It is currently making new all-time highs, briefly reaching $23,745 before getting knocked back.

Technical indicators are bullish despite the rally being overbought. This suggests that BTC is likely to continue moving higher.

BTC Chart By TradingView

The two-hour chart shows that BTC is following an ascending support line that was validated right before the upward move accelerated yesterday.

The line currently coincides with the 0.5-0.618 Fib retracement of the upward move, so a drop to validate the line would make sense for a healthy correction.

However, technical indicators do not yet show any weakness, indicating that BTC could continue moving upwards.

BTC Chart By TradingView BTC Wave Count

In BeInCrypto’s wave count article from Tuesday, we stated that:

“Bitcoin is expected to resume its upward movement and eventually reach a high between $25,500-$26,300, which is the most likely region for the fifth wave (blue) to end.”

While the target wave count has been slightly altered, BTC still appears to be in wave five (shown in blue below).

BTC Chart By TradingView

The shorter-term count has more ambiguity to it. BTC seems to be in sub-wave 3 (shown in orange below) of a five sub-wave formation.

The two likeliest targets for sub-wave 3 to end are $23,629 or $25,819. BTC is expected to drop slightly after this, possibly to validate the channel it has broken out from and move upwards one final time in order to complete wave 5.

A decrease below the wave 1 high at $19,918 would invalidate this particular wave count.

BTC Chart By TradingView

The two-hour chart shows the minor sub-wave count (shown in black below) for sub-wave 3, which suggests BTC has another upward move before it completes sub-wave 3.

BTC Chart By TradingView Conclusion

The Bitcoin price is expected to continue increasing at least until it reaches the range near $26,000.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Bitcoin Smashes Through $20,000 — What’s Next? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 94934.55 (-0.60%)
Объем 24H $41.746b
Изменеия 24h: -2.70 %, 7d: -7.96 %
Cегодня L: $94531.21 - H: $97458.26
Капитализация $1879.682b Rank 1
Цена в час новости $ 22714.42 (317.95%)

bitcoin price broke leads btc high out

Источник: beincrypto.com

bitcoin price → Результатов: 126


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.