This week bitcoin holds so many promises for us. As it is in history that bitcoin price always rises towards the end of the year and then reverse at the beginning of the year.
Bitcoin price has indeed touched the $14,000 level but was stopped by a major resistance at $13,958 which was our target level of last week’s analysis.
As expected the breakout happened after bouncing off the support $13,173 and this was accompanied by the MACD cross.
Speculations say that bitcoin price should hit $20,000 before the end of the year. As this might be feasible it is still important to wait for the price to present itself to us before taking either long or short term decisions.
Bitcoin will be consolidating and may touch the present support level, $13,173 before continuing to the upside, yet the MACD cross is always our confirmation of the breakout for us to take our next entry.
We expect bitcoin to surpass $13,958 this week, nevertheless, we should watch circumspectly as price breakout before we stake our capital.
Looking at the technical indicators:
- Major Support Level – $13,173