The bulls continue to run, not knowing exactly where they will stop to catch their breath. Bitcoin (BTC) crosses 24,000 USD today, December 19, 2020. And to say that there is still 1 week, the BTC was trading below 19,000 USD and that we feared a crash could bring it back to level of 16,000 USD.
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The $ 25,000 in the crosshairs, the $ 18,500 to watch
Bitcoin surged above $ 24,000 today. A slight correction brought its price down to the level of $ 23,810 at the time of writing.
The BTC is currently registering a daily increase of over 4.5%, which represents an amount of over $ 1,000.
For Michael van de Poppe, the $ 19,500 is now a major support that the bulls must defend with a BTC targeting $ 25,800.
It indicates that a correction of BTC may not occur until it reaches $ 30,000. In the event of a major pullback, it would then be necessary to monitor the zone around 18,500 USD.
The next stops: clues and not certainties
The BTC continues to hit new ATHs, suggesting that the bullish rally is far from over.
The 5-day and 10-day moving averages rose above $ 22,100 and $ 20,400, respectively.
The 20-day moving average is no further than $ 20,000; it is currently at the level of 19,730 USD.
The major support and resistance areas in the short term are not yet clearly identified; the 24,000 USD could exercise – or not – pressure to sell.
The BTC has not closed a single day with a red daily candlestick since December 12, 2020. It was then trading below $ 19,000. Bitcoin has since recorded an increase of over 32%.
The higher you rise, the harder will be the fall? Should we really fear a future massive liquidation that would lead to a decline as impressive as the current rise of Bitcoin? The $ 25,000 is now in the sights and within the reach of the bulls. A decline to the level of 18,500 USD remains possible; the conquest of 20,000 USD and more is still fresh. Analysts therefore remain cautious about the bulls’ ability to defend this territory where they have only set foot for a few days.
Litecoin, welcome in the Silver Age