Bitcoin price analysis: Skyrocketing, with no ceiling at sight

BTC/USD with a new all-time high
The 1H chart clears some doubts about the short-term scenario

Tomas Salles FXStreet

Once again, Bitcoin is stubbornly committed to break any attempt of limiting its ceiling. Yesterday, one friend asked me if it is going to reach $50000 and I only could answer that right now you can not put any limits to its price, as I’ve never witnessed no bullish price action of this kind.

In the 1H chart, you can draw a series of bullish channels that should be key levels for the short-term BTC/USD price action.

BTC/USD 1H Chart

As for its indicators, chart shows the following patterns:

MACD is positioned for a bearish move on a very short-term, but this could change in barely few minutes

The Directional Movement Index is showing an increase of shorts in the most recent steps of the bullish ride. Buyers still with the edge but losing a bit of steam

We should not forget the vertigo that the $10000 mark triggered barely a few days ago, yet now Bitcoin is not knocking on the $15000 door. There is not any bigger bullish trigger for the main Cryptocurrency than buyers’ hopes of seeing much higher levels. ¿A bubble? Of course, but until it pops, expect more stratospherical gains as the norm, with not many traders willing to stay in the sidelines while others take big profits.

In the 4H chart, you can force a bit the trend analysis and spot some patterns that in other assets would be tagged as extreme and non-sense. But you can’t discard these kind of moves with Bitcoin. Everything is possible with BTC/USD as it’s going right now.

BTC/USD 4H Chart

This chart shows the following trend indicator patterns:

MACD still on its way to breaking any ceiling you may try to establish. Structure not showing any divergence, still with big bullish potential

The Directional Movement Index is showing sellers retreating and buyers still with the foot on the pedal

Conclusion

Bitcoin is now looking at the $15000 mark as a clear, short-term goal. At the time of finishing this article up, BTC/USD is at $14710 and rising.

On the upside, there is an ultra-accelerated trend that sets the $15300 mark as a resistance level that could be reached today. If broken, we could start drawing 90-degree lines to try to find new bullish targets.

On the downside, the first support level is $14000, followed by $12750 and a bigger one located at $11700.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

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