Continuation or correction? – Bitcoin has just had an explosive week and is getting a little closer to its price record of 2017. Will we see a continuation of the trend this week?
Bitcoin weekly: a convincing trend
Last week, the tension was at its height with Bitcoin tickling its resistance of $ 14,000. A week later, that level was widely broken down, and Bitcoin is trading at $ 15,332 at the time of writing.
The underlying trend is clearly bullish on Bitcoin. We are on price levels not seen for almost 3 years and the weekly closings of January 2018.
In weekly , the configuration is explosive . Bitcoin ends this year 2020 with a bang and is only a few cables away from being able to win the Grail : the ATH of 2017 at 20,000 dollars.
After breaking through $ 14,000, almost no chart resistance is holding us back to continue galloping north. A retest of this level is of course possible, but in no way invalidates the current uptrend of Bitcoin.
Bitcoin in everyday life: consolidation in sight?
The past week has been very bullish for Bitcoin. In the aftermath of the US elections , Bitcoin broke through its resistance of $ 14,000 with force, giving us a very nice bullish candle of 10% , a gain of more than $ 1,400 on the day.
Since then, we are again in the state preceding this beautiful candle: we consolidate .
The price came to test twice the 16,000 dollars without managing to cross them, and this level is for the moment well defended by the sellers. The rare passages under $ 15,000 were quickly swallowed up by buyers. The trend is bullish here too, and Bitcoin is consolidating in this range for now.
Bitcoin popular with its former enemies
Remember! A few years ago , Bitcoin was still considered “rat poison” or “terrorist currency” . Now, the king of cryptos continues to make great allies :
Legendary investor Bill Miller who describes Bitcoin as a safe haven ;
The JP Morgan business bank which recognizes Bitcoin as a credible alternative to gold ;
And maybe even US President Joe Biden? After all, he received huge donations from the cryptosphere for his campaign.
The question we could ask ourselves with such a bullish context is „where is the crowd?“ “ .