Lorenzo Stroe
Independent Analyst
- Bitcoin price just crossed the previous all-time high on Binance surging towards 19,863
- The flagship cryptocurrency faces practically no resistance after this point.
Bitcoin price managed to recover strongly from its last dip at $16,188 and has hit a new all-time high on Binance and a few other exchanges but not all. The flagship cryptocurrency got slightly rejected from the new top but remains trading at $19,700 aiming to crack the psychological resistance level at $20,000.
Bitcoin price facing a potential double top
Despite the current run towards $20,000 and hitting a new all-time high on Binance at $19,863, the potential of a double top is still a real option unless bulls can push the flagship cryptocurrency well above $20,000 and close there on all exchange.
BTC/USD weekly chart
On the 4-hour chart, the TD Sequential indicator is on the verge of presenting a sell signal which is adding selling pressure. Confirmation and validation of the signal followed by strong bearish price action could indicate that this is simply a dead cat bounce and Bitcoin is not yet ready to crack $20,000.
BTC/USD 4-hour and 3-hour charts
The TD Sequential indicator already presented a sell signal on the 3-hour chart which adds credence to the upcoming signal on the 4-hour chart. Due to the magnitude of the bounce, there is very little support towards $16,000. Additionally, there seems to be a significant CME Bitcoin Futures gap formed between $17,000 and $18,000 which might need to be filled first.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin price primed to revisit $33,000 as global market turmoil rages on
Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022. With both yields and the US Dollar fading, the two biggest kryptonites for Bitcoin bulls are fading and losing their grip on the downtrend.
SEC v. Ripple: John Deaton says Hinman documents will be made public and support defense for Coinbase, Binance
XRP-friendly lawyer John Deaton believes Hinman emails are key to the legal battle between US financial regulator Securities and Exchange Commission (SEC) and payment giant Ripple.
Is this gaming token ready to plummet after a 56% rally in the last week?
With the Game Developers Conference between March 20 and 24, gaming tokens witnessed a massive boost in their prices. IMX token yielded 56% gains since March 13, alongside other blue-chip gaming tokens.
Here is what needs to happen for Ethereum price to rally 20%
Ethereum (ETH) price shows an exhaustion of bullish momentum after producing a clear sell signal on the four-hour timeframe. This development could result in a quick drop.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.