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Bitcoin continues to break through to $ 35,000

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Bitcoin continues to break through to $ 35,000

Bitcoin continues to break through to $ 35,000
CONTENT

  • Bitcoin hits all-time high again on January 3

  • Long-term and daily indicators are still bullish

  • BTC is likely in the 5th wave of long-term wave 3

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The bitcoin rate again renewed its next all-time high on January 3, reaching $ 34,778. The trend is still not showing clear signs of weakening.

However, BTC has already rallied towards important Fibonacci extension levels, which suggest that the price is nearing a top or has already reached it..  

Closing of weekly trades

At the end of the week, December 28 – January 4, the bitcoin (BTC) rate increased significantly, forming a bullish candle with an amplitude of 25% on the chart. At the same time, on January 3, the price again renewed its record high, reaching $ 34,778..

Bitcoin continues to break through to $ 35,000

Despite strong gains and a clearly parabolic rally, technical indicators still show no clear signs of weakness. This could indicate that the trend is still bullish..

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Schedule MTC. Source: TradingView

What’s next

Likewise, the daily charts show no clear signs of weakness. The only exception is the relatively long top wick from January 3, which resembles a shooting star candlestick pattern. In addition, you can see that the trading volumes were not too large in the last couple of days..

However, there are no bearish divergence signals on the charts, and the RSI and MACD indicators continue to rise, indicating the likelihood of further strengthening of BTC..

Schedule MTC. Source: TradingView

The first signs of weakness can be seen on the 2-hour chart. Here the MACD indicator lost its strength and almost went into the red zone. However, the RSI provides strong signals of hidden bullish divergence. This is a sign that Bitcoin may make another growth attempt..

However, the chart lacks any clear price structure, as well as pronounced support and resistance levels..

Schedule MTC. Source: TradingView

Wave analysis

Wave analysis results suggest that BTC is very close to the top or has already reached it.

It looks like BTC is inside wave 5 (blue on the chart) cyclic wave 3 (white).

Bitcoin continues to break through to $ 35,000

The Fibo 3.61 extension of Cyclic Wave 1 (white) falls at $ 35,037. This may indicate that Bitcoin has already formed a top. The next significant Fibo resistance level (4.61) is already at $ 43,755.

Applying similar Fibo extension levels to waves 1-3 (blue) gives us target levels at $ 34,187 (already passed) and $ 43,532.

MTC schedule. Source: TradingView

Conclusion

Thus, the bitcoin rate began to move almost along a parabola, breaking out of the boundaries of all clearly observed price patterns and resistance / support levels. Fibo extension levels suggest BTC may have peaked, although technical indicators still show no signs of weakening.

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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