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Bitcoin broke through $ 23,000 and does not want to calm down

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Bitcoin SMASHES Through All Time High to $23,000!!!

Bitcoin broke through $ 23,000 and does not want to calm down

Bitcoin broke through $ 23,000 and does not want to calm down
CONTENT

  • BTC is moving along the line of short-term upward support

  • Technical indicators on daily timeframes are bullish, but weak on 2-hour

  • BTC is likely in the 3rd wave of a five-wave bullish structure

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The bitcoin rate finally broke through the psychological barrier of $ 20,000, and on December 17, it moved a record high by $ 23,800.

It is expected that the market will continue to grow in the direction of our targets and only then will it begin to correct.

Higher and higher

The bitcoin (BTC) rate continues to maintain a fighting mood after the bulls finally managed to take the resistance area of ​​$ 19,500. The day before, on December 17, the price renewed its all-time high at $ 23,800, and then formed a small upper wick and retreated slightly to $ 23,000.

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Bitcoin broke through $ 23,000 and does not want to calm down

Technical indicators on the daily chart are showing a bullish tone. In addition to the fact that yesterday’s price dynamics was implemented against the backdrop of significant trading volumes, the RSI index exceeded the 70 mark, and the MACD histogram is giving bullish signals. The continuation of the bullish trend will be confirmed by the bullish crossover on the Stochastic Oscillator.

MTC schedule. Source: TradingView

On the 2-hour chart, BTC is likely moving along the upward support line, while holding well above it..

However, on shorter timeframes, some signs of weakness can be seen as the RSI and MACD indicators move south, and the latter is already signaling a reversal.

If BTC continues to decline, then the nearest support area will meet a pair at $ 21,000 (Fibo 0.618 correction, which also coincides with the upward support line).

MTC schedule. Source: TradingView

Wave analysis

On Tuesday, we assumed that the BTC rate is in the long-term 5th wave, which may end around $ 26,000.

The wave analysis of this cycle is highlighted in orange in the chart below. If our assumptions are correct, then Bitcoin is now in the 3rd wave, as evidenced by the bullish breakout of the parallel channel connecting waves 1 and 2.

Likely target levels for the top of subwave 3 are:

  • $ 25 871 (Fibo 2.61 extension of wave 1 (orange));
  • $ 23,654 (1: 1.61 is the most common 1: 3 wave ratio (black)).
Bitcoin broke through $ 23,000 and does not want to calm down

If the second level is the correct target, it will mean that BTC has already formed wave 3 and has now started wave 4.

MTC schedule. Source: TradingView

The sub-wave analysis of wave 3 (black) suggests that the market has not yet completed the formation of wave 3, as we can count only two bullish moves inside it instead of three. Accordingly, the pair may take another dash to the north before starting a correction..

The BTC rate may drop to $ 21,000- $ 21,500 (green circle), where it will end sub-wave 4, after which it will begin to grow again.

In addition, applying the 4.61 Fibo level of the extension of subwave 1 gives us $ 26,000 as the target level for the top of wave 3, which coincides with the target we highlighted above..

MTC schedule. Source: TradingView

Conclusion

Thus, it is expected that the bitcoin rate will rise to $ 26,000. In the short term, a correction in the direction of $ 21,500 is possible, but then the market should head north again..

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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