Bitcoin - Overhead Horizontal Resistance

29 juil. 2020

The best sign that I've seen to date that the bear market has really ended and the bull market is on, is the recent break above the downtrend from ATH (pink). This line connects the 2017 ATH at 20k to the June 2019 high at 14k. It's the highest possible diagonal resistance you can draw, and it has finally been broken. So it's a great sign.

However, there is still some significant horizontal resistance above us that we need to tackle. The most significant I can see is 11.5k, which has served as an important weekly level for years now. If we can close a weekly candle above this level, that would be insanely bullish. There is also the resistance at 14k and 20k. I drew a possible path to ATH, which I think we can get to by January of next year. The weekly RSI has plenty of room to move up to support such a move. Let's see.

29 juil. 2020

Note

We are far outside the daily B-Bands



and we are bumping up against the top of the weekly bands.