Bitcoin continues to break through to historic highs

Bitcoin continues to break through to historic highs

BREAKING: BITCOIN BREAKING ALL TIME HIGH NOW! [Should We Buy Bitcoin Now?…]

Contents

Bitcoin continues to break through to historic highs
CONTENT

  • Bitcoin moves along the line of parabolic upward support.

  • Market made a bullish breakout from a short-term symmetrical triangle.

  • The BTC rate is likely within the fifth wave of the fifth wave of a bullish structure.

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Bitcoin price reversed on November 19 and made a bullish break from a short-term symmetrical triangle. Now the price should continue to rise towards the nearest resistance area.

Parabolic upward support

The bitcoin rate (BTC) has been moving along the line of parabolic upward support since the beginning of September. The price rally stalled on November 18 and the market formed a Spinning Top candlestick pattern suggesting a reversal opportunity. However, this never happened. Instead, the price continued to rise and is now forming another bullish candle. The parabolic upward support line remains intact.

The immediate area of ​​resistance is now all-time highs at $ 19,500.

Technical indicators indicate an overbought rally, but are not giving any bearish divergence signals of an impending reversal.

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Schedule BTC. Source: TradingView

The long-term chart shows the resistance area more clearly. Here we can see that the price is in the process of forming a large bullish candle on the weekly timeframe, where it almost reached the historical high. Bulls have broken through almost all significant Fib levels, clearing their way to a record high.

Bitcoin continues to break through to historic highs

Schedule BTC. Source: TradingView

Short term breakout

On the shorter-term chart, the BTC rate has already made a bullish breakout of the symmetrical triangle, turning it into support and continuing to rise. However, Bitcoin faced resistance around $ 18,400 (high of November 18).

However, as long as the market moves along the upward support line of the triangle, we will expect a bullish breakout and advance towards $ 19,500.

Schedule BTC. Source: TradingView

Wave analysis

Long-term wave analysis shows that the price is probably now within the fifth – and final – wave of the bullish price structure that started in March and promises the market to reach highs in the $ 20,000 region..

Shorter-term analysis suggests that Bitcoin is trading within the last, fifth wave (orange) of this structure. The expected high should be formed between $ 19,182 (Fib level 2.61 extension of subwave 1) and $ 19,598 (Fibo 0.618 projection of waves 1-3).

Bitcoin continues to break through to historic highs

Schedule BTC. Source: TradingView

On even shorter timeframes, you can see that the price has completed the formation of the 1st and 2nd sub-waves (black) and may soon head to a maximum of $ 19,500.

Schedule BTC. Source: TradingView

Conclusion

Following the bullish breakout of the symmetrical triangle, the BTC rate is expected to continue to rise towards the nearest resistance area, which is located around the all-time high of $ 19,500.

You can read the previous Bitcoin forecast here.

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

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