Bitcoin course meets All Time High – reaction unavoidable!
Bitcoin price rises sharply in price and can record price gains. The picture shows a price curve and stacked Bitcoins.
It will not be long before we see how the Bitcoin price reacts when it hits the all time high of 17 December 2017. The latest price increases since the zone was defended by $10,000 have shown a percentage increase Bitcoin Aussie System of over 88% in 72 days. Can the Bitcoin course maintain or even increase this pace? Let’s look at the Weekly Chart, the Daily Chart and most recently the Bitcoin price on the 4-hour chart.
Bitcoin price in the Weekly Chart close to the limit!
Malicious tongues claim that the Bitcoin price is about to undergo a severe correction. There are corrections in all asset classes and they are healthy so that the price can continue to rise in normal orbits. The weekly chart shows the seventh bullish candle in a row and no sign of a correction. But there are signs that the Bitcoin price could soon come to a halt.
At the bottom of the picture is the RSI, the Relative Strength Index. It shows when a market is expensive or cheap. The purple zone is the normal zone and everything above it is the expensive zone. Note how the Bitcoin price has behaved with a high RSI at the All Time High and also in the meantime. In addition, there is a strong resistance zone in the range between approx. 19,400 dollars and 19,900 dollars.Google Subscribe
Does the Daily Chart provide information on the Bitcoin price?
The Bitcoin price is currently being driven up by a never-ending pressure to buy. Several resistance levels have been broken through without much effort and now serve as support. But does the RSI on the Daily Chart look that gloomy?
As you can see, there have been minor corrections in the daily chart that have brought the RSI down a bit from the expensive area. However, the buying pressure ensures that the RSI does not have a long pause in the normal range and is under immense pressure almost every day since October 21. The RSI on the Daily Chart therefore also suggests that a correction in the Bitcoin price may occur soon. The currently important support level on a daily basis is in the range of $16.00 and $16,500. This is the zone where there is also a large Fibonacci level, as we described in one of our reports.
Join millions of people who have already discovered how to invest smarter by copying the best investors in our community or by being copied themselves and thereby earning a second income. Start now!
A smaller unit of time as a source of hope?
The 4-hour chart should be considered as subordinate, if the daily and weekly charts have been discussed beforehand. But even here the Bitcoin price looks pretty bullish. The RSI is currently in the upper normal range and has some room to rise, so the bears may have to be patient a little longer. However, as I mentioned earlier, the smaller time unit will have to give in to the larger ones and especially when it comes to the all time high, the outcome of this battle is more likely to be decided in the upper time units. For short term trades the 4 hour chart is however well suited. Especially for long entries there have been good entries in the recent past.