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Believe it or not, Bitcoin’s price is now trading at over $ 17,000, although it dropped to less than $ 4,000 earlier this year. From low to high, the leading cryptocurrency by market cap has increased by more than 350%.
With prices now trading around highs between late 2017 and early 2018, when Bitcoin had set its peak, there are only ten days left where buying BTC was unprofitable.
Bitcoin faces $ 17,200 where bear market began, final resistance before ATH’s retest
In November alone, Bitcoin grew nearly 30% to close what has been an incredible year and recovery. There are very few reasons, if any, to be bearish on Bitcoin.
The cryptocurrency halving is in the past, the new $ 10,000 test feels like a reminder of the distance, and a new higher high has been set. Bitcoin is ready for a bull market again and there are only two resistance levels left standing in the way.
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$ 17,200 is the last barrier to a new $ 20,000 test. Given Bitcoin’s bullish momentum and lack of price action above $ 17,200, so little resistance remains that when the $ 17,200 is broken, the cryptocurrency may never look back.
After this latest rally, only ten days remain where buying BTC was an unprofitable venture.
Looking back to late 2017 and early 2018, only ten days remain where Bitcoin was more expensive | Source: BTCUSD on TradingView.com
The crypto fix may be on the way, but the all-time new is inevitable
Most of the price action took place in late 2017 around the current all-time high, with only one day hitting the current resistance level, before plunging in early January, kicking off a three-year bear market.
Looking at the peak in January 2018, where only a wick in the resistance remained above the current trading level of BTC, the last bearish line of defense is clear. An evening star pattern formed just below $ 17,200, and from there the cryptocurrency began its rapid fall to $ 5,800 in February 2018.
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Even if Bitcoin is rejected at the current level, a drop to $ 5,800 is not likely again. But considering the fact that the cryptocurrency hit $ 13,000 last year, then dropped to $ 3,800, it’s not outside the realm of possibility.
The final resistance level, according to the 3-day chart | Source: BTCUSD on TradingView.com
A fix is long overdue and may be on the way. But even if it does, Bitcoin is bullish and, eventually, the remaining red box in price action will be retested as support, not resistance, and if and when that confirms, the bull market will be fully active.
FEATURED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM
