Bitcoin is currently undergoing a rich performance period, as the King’s coin has overtaken multiple key levels in the past few weeks. Between October and November, Bitcoin was above 80 percent, currently valued just above $18,500. lIt was pretty obvious that Bitcoin was closing on its all-time high valuation of $20,000, but what are the chances that this might happen over the following week? Let’s find out.
Bitcoin hourly chart
The short-term chart was under a strong bearish cycle over the past 24-hours. Bitcoin first dropped down to $17,610 and then re-test again at $18,000 after rising to $18,300. With respect to the charts, the asset is currently exhibiting a rising wedge pattern which is extremely bearish. At the moment, the immediate support is position at $18,000 and $17610. Ideally, the price should drop but we need to note that BTC has nullified other bearish patterns over the past couple of months.
Relative Strength Index or RSI suggested that the price may pump again over the next few hours, taking the valuation close to the last resistance at $19,350. MACD exhibited a present bullish trend as well.
Bitcoin hourly chart
The long-term was more bullish than the short-term at the moment. Indicating the formation of a bullish flag, the pattern seems like it is approaching its last bullish breakout before ascending to a new high above $20,000. The long-term remained at $17,500, which was tested over the past 24 hours.
The position of Awesome Oscillator was still bearish though. As pictured, the bullish momentum seemed to be taking a bearish shift in the charts at the moment, but the collective market remained positive.
Verdict
It is hard to bet against Bitcoin after the asset has reached this high in the last couple of months. While the price charts scream of a depreciating run at the moment, the retail momentum may possibly take it above $20,000 over the current week. A quick re-test will be definitely one of the outcomes, but the largest asset will attain $20,000 for the 2nd time in its history.
