BTC: 2 Years & 364 Days Later

17 thg 12, 2020

• On December 17, 2017, BTC soared to an all-time high of $19,660 before kicking off a year-long bear market cycle. Well, 2 years and 364 days later, BTC is decisively trading above $20,000 for the first time in history.
  
  
• The breakout follows a climb back into a multi-month ascending broadening wedge and a moonshot through psychologically significant $20,000 resistance.
  
  
• Furthermore, the breakout has led to a bullish cross on the MACD indicator and the very beginning of BTC's 14-day RSI reversion back into "overbought" territory, a trend that has held true in each and every bull market cycle to date. 
  
  
• With BTC remaining in this bearish ascending broadening wedge pattern formation and a select number of technical indicators signaling further upside momentum, one could argue that BTC is destined for a retest of the wedge's resistance.
  
  
• Where and when BTC hits resistance, if at all, is up for debate. Be that as it may, by extrapolating the wedge's resistance we can see that an immediate test would be somewhere between $25,000 - $30,000; this implies roughly an incremental +15% to +40% gain from current price.
  
  
• Until we see BTC break below the wedge's support, sky's the limit...
  
  

To stay up-to-date with the latest market developments,
be sure to subscribe to Kraken Intelligence at https://kraken.com/subscribe/intelligence