As of writing this, Bitcoin just surged to mark $13,000 as its fresh 2019 high: That’s so far, an insane move! Since saying goodbye to the $8,000 level, there was not much correction in Bitcoin.
If you scroll back to the 2017 bull-run, the path is almost identical. Once Bitcoin broke up the ascending wedge pattern, as can be seen on the daily and weekly charts, the coin had ‘fired its engines.’
Whoever followed Bitcoin price for more than two years would remember how a parabolic move looks like. And here we are again.
After breaking up $12,000, and to understand what levels could slow down the pace of BTC, let’s look back on those magical 30 days, from mid-November 2017 to mid-December 2017 when Bitcoin produced its road to $20,000:
And here we are now; this is an almost the same 4-hour chart, as of now:
The Road to $20,000
The closest level of resistance is the $12,500 – $13,000 area we are currently at. The $13,000 was also resistance from January 2018. Breaking the last would likely to send Bitcoin to the $15,000 area since there is not much resistance along the way.
Next targets would be $16,400 – $16,650 zone, which saw the most severe correction during the bull-run of 2017. After reaching $16,650 for the first time (Dec.7,2017), Bitcoin saw $12,800 just two days later. Read More at CryptoPotato...