BTC/USD: New highs and new technicals

BTC/USD breaks upper channel line and reaches $12,500.
Short-term target at $13,400.

Tomas Salles FXStreet

BTC/USD confirms its trend during the Asian session. It accelerates even further with a steep angle suitable for only a very few assets. Regarding technicals, the lines from the lows of the current move point to a target area at $13,375/13,400.

In terms of indicators, the chart shows:

- Daily chart: MACD keeping is trajectory and recovering vertical amplitude.
- The Directional Movement Index presents a possible scenario of a test of ADX from D+ that fits with the price target.

Now Bitcoin is left without more references to the upside beyond $13,400. The mentioned level could be surpassed if we are in a bullish terminal phase in the short-term. Let's not lose sight of the fact that Bitcoin is now moving at +35% higher compared to the $ 10,000 level!!!. Awesome.

In terms of indicators, the chart shows:

● The MACD regains momentum in the short-term but at divergent levels compared to recent highs.
● The Directional Movement Index undoes equality. The purchases skyrocket following the price. The trend accelerates again and with enough room to ensure multiple periods ahead to develop without problems.

Conclusion

The Bitcoin does not stop surprising me for its strength and range of movement. It seems that a few days of consolidation in the area of $10,000 have been enough to regain strength and resume the path to infinity.

To the upside, it is expected that the projection of the trend line from the lows of the move will be easily reached, at $13,400. Up to that level, the road is clear.

To the downside, the first support level is at $11,821 followed by $11,245 and finally $10,717.

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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