Last week we expected a deep dive in bitcoin price as we moved lower but we see that price tested $17,435 and bounced up again and it’s heading towards our previous high and resistance, $19,812.
The big question now is if bitcoin price will surpass $20,000.
The truth is that it’s a probability, but the chances are more as we see a strong momentum buildup towards $19,812.
On the daily chart, there is bullish hidden divergence formation. This connotes the continuation of the uptrend.
The MACD histogram on the 4hr chart also shows a new build-up of uptrend momentum.
Looking at the technical indicators:
- Major Support Level – $18,292