Bitcoin broke through resistance at $ 19,450.
Bitcoin’s price broke through its former resistance zone at $ 19,450, hitting a new all-time high.
This is probably the 5th wave of a bullish impulse. This wave is expected to push Bitcoin to even higher targets.
Bitcoin Breaks Through Resistance To New All-Time High
On November 16, the price of BTC broke through resistance and has since risen significantly above resistance. It is currently hitting new all-time highs, briefly rising to $ 23,745 before dropping back down.
Although the rally is overbought, technical indicators are bullish. This seems to indicate that BTC will likely continue to rise.
The two hour chart shows that BTC is following an ascending support line, which was validated just before the accelerated upward move on December 16.
The line currently coincides with the 0.5-0.618 fibonacci retracement of the upward movement. A fall allowing this line to be validated would therefore be logical for a healthy correction.
That said, technical indicators are not yet showing any weakness. This indicates that BTC may continue to rise.
In BeInCrypto’s analysis of Bitcoin’s recent wave count , it was stated:
Bitcoin is expected to resume its upward movement and eventually peak between $ 25,500 and $ 26,300, which is the most plausible area for the end of the fifth wave.
Although the wave count is slightly altered, BTC still appears to be in its wave five (in blue below).
The shorter-term count is more ambiguous. BTC appears to be in sub-wave 3 (in orange below) of a five sub-wave formation.
The two most plausible targets for the end of Sub-Wave 3 are found at $ 23,629 and $ 25,819. Then the price is expected to drop slightly, perhaps in order to validate the channel it has breached. It should then go up one last time to complete wave 5.
A decline below the top of Wave 1, at $ 19,918, would negate this wave count.