Bitcoin is 15% away from its previous ATH set back in December 2017, and now 3 years later BTC is on its way back to those previous levels.
In the start of 2019 Bitcoin formed its swing low, which the uptrend is drawn from, and in June of 2019 it formed a downtrend from the swing high of that same move at the start of the year, forming a symmetrical triangle.
Since June 2019 after the peak just under 14k, Bitcoin has been trading inside the newly formed triangle until bottoming out along the uptrend drawn from the start of 2019. Then July 21st, 2020 Bitcoin broke out to the topside of the triangle forming a new bull run. The direction has been decided, it is up but where will the pump stop?
A weekly close over this $16124 weekly level Bitcoin is currently fighting for would send the price to retest the all-time-high. This move is not over yet and if Bitcoin was going to pull back to $11479 we would've seen that by now. 2 days left in this weekly candle I think Bitcoin has a very strong chance of closing over and continuing its move up.
The pullback everyone is talking about will be from $19000 (previous ATH), as thats the strongest known level of resistance in Bitcoin's history. Going into the rest of this year and early 2021 Bitcoin should wick the $18953 monthly level and reject only to find the middle ground trading in between $16124 & $18953 before surpassing the previous all-time-high.
Beyond the $16124 weekly level of resistance, the only resistance stopping BTC from breaking the previous ATH is the previous ATH resistance level. Bitcoin has only spent 39 days out of its short 11-year lifespan trading above the Spot price of $16124 so we are definitely entering new territory.
And when the price does reach new ATH and we are trading clean above $20,000 there is no more technical analysis to determine where the price is going to stop pumping. Even right now trying to do Technical Analysis is a bit dodgy, because there really isn't any levels of resistance left besides a 4H level at $16599.
As always please do your own research, I am not a financial advisor.
In the start of 2019 Bitcoin formed its swing low, which the uptrend is drawn from, and in June of 2019 it formed a downtrend from the swing high of that same move at the start of the year, forming a symmetrical triangle.
Since June 2019 after the peak just under 14k, Bitcoin has been trading inside the newly formed triangle until bottoming out along the uptrend drawn from the start of 2019. Then July 21st, 2020 Bitcoin broke out to the topside of the triangle forming a new bull run. The direction has been decided, it is up but where will the pump stop?
A weekly close over this $16124 weekly level Bitcoin is currently fighting for would send the price to retest the all-time-high. This move is not over yet and if Bitcoin was going to pull back to $11479 we would've seen that by now. 2 days left in this weekly candle I think Bitcoin has a very strong chance of closing over and continuing its move up.
The pullback everyone is talking about will be from $19000 (previous ATH), as thats the strongest known level of resistance in Bitcoin's history. Going into the rest of this year and early 2021 Bitcoin should wick the $18953 monthly level and reject only to find the middle ground trading in between $16124 & $18953 before surpassing the previous all-time-high.
Beyond the $16124 weekly level of resistance, the only resistance stopping BTC from breaking the previous ATH is the previous ATH resistance level. Bitcoin has only spent 39 days out of its short 11-year lifespan trading above the Spot price of $16124 so we are definitely entering new territory.
And when the price does reach new ATH and we are trading clean above $20,000 there is no more technical analysis to determine where the price is going to stop pumping. Even right now trying to do Technical Analysis is a bit dodgy, because there really isn't any levels of resistance left besides a 4H level at $16599.
As always please do your own research, I am not a financial advisor.
