The fact that each dip is met with such aggressive buying pressure signifies that severe upside could be imminent in the near-term.
It does seem to be fairly steady above this price level, as sellers have to spark any intense selloff.
At the time of writing, Bitcoin is trading up just over 4 percent at its current price of $19,200. This is around where it’s been trading throughout the last few hours.
Although BTC will surely face some resistance around its all-time highs, there’s a strong probability that it will plow through the sell orders here once retail”FOMO” kicks in.
Analyst: BTC Could See a Strong Pullback Before Pushing Higher
“BTC: Something to know about: In 2017, the 200dMA underpinned the whole trend. We haven’t retested it in a while — would not be surprised to see a 30-35% dip in late Dec/early Jan to retest it as service for another leg higher to $21k+.”
The coming few times should provide insight into whether this pullback will occur or if BTC will continue its parabolic progress higher.
1 trader believes that Bitcoin may need to check its 200-day MA before breaking over its all-time highs.
This could mean that a dip as low as $13,000-15,000 could be imminent in the days and weeks ahead.
1 trader is imagining that it may first need to retest one key technical degree before posting any significant rally higher.
Image Courtesy of Nik Patel. Source: BTCUSD on TradingView.
Bitcoin and the aggregated crypto market are in a clear and firm bull market. Sellers have been unable to control its latest trend, with it only facing a couple of fleeting pullbacks.
Featured image from Unsplash.
This may be a positive sign that suggests further upside is imminent, although the selling pressure around its all time highs in the upper-$19,000 region may be what causes it to see a firm rejection.
Released at Tue, 24 Nov 2020 18:00:31 +0000