This looks as though it could be it. The Bitcoin price has bounced and recovered quickly from four days of selling. Briefly touching $63,500, the $BTC price is now at around $67,000. This weekend, or the following week, could see $BTC bulls attempt the all-time high at $73,800. Are you aboard this train?
135 days of sideways and down price action have elapsed since Bitcoin made a new high back in mid-March of this year. Since that high, four separate attempts have been made to surpass it. All failed – all were rejected. This latest attempt is still in the making. It started from the deepest reversal ($53,500) and after having reached $68,500, the price pulled back to $63,500, and is now rapidly reversing to the upside again.
So how can Bitcoin punch through the previous all-time high on this occasion? What has changed that will not result in $BTC getting rejected once again?
Probably one of the biggest factors this time around, is that there will be a lot of upside momentum, as signalled by the weekly stochastic RSI. This extremely powerful indicator has bottomed, and crossed back up, with both its indicator lines crossing the critical 20 level.
Source: TradingView
The last time there was a cross up on the stochastic RSI, a fake-out was the result, and this is why the rally failed. This time, the signal is strong, and this means there is a lot of momentum to come. Even the 2-week stochastic RSI has bottomed.
Source: TradingView
Finally, the relative strength indicator (RSI) on the weekly chart is showing that a break of the downward trend will need to happen in order to establish an upward trend once more. This could also occur by next week.
At the weekly close on Sunday, the $BTC price could be above the top bull flag trend line. A resulting price explosion could send the king of the cryptocurrencies skywards – past the all-time high, and into price discovery.
The next stage of Bitcoin’s bull run could then take place, with first, $100,000, and then possibly $150,000, the next price targets. Are you onboard this train?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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