Bitcoin (BTC) Locks in New All-Time High Before 2020 Close

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In Brief
  • Bitcoin briefly reached a new all-time high.

  • It has broken out from a short-term descending resistance line.

  • BTC is likely in sub-wave 5 of wave 5.

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Bitcoin (BTC) regained all of its losses from Dec. 27 and is currently making more attempts at reaching new highs.

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Bitcoin is expected to be successful in reaching a high between $29,800 and $30,730.

 

Bitcoin Shooting Star Resistance Dissipates

Yesterday, BTC continued its ascent, creating a long lower wick and reaching a positive close. Today it briefly reached a high of $28,580 above the shooting star wick.

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Technical indicators are still bullish and show no clear signs of weakness.

BTC Chart By TradingView

Future Movement

The two-hour chart is also bullish.

First, it shows that BTC has already broken out from a descending resistance line, which was the catalyst for the most recent upward movement.

Furthermore, BTC moved above the $27,800 resistance area after and validated it as support (shown with the green arrow below).

Similar to the daily time-frame, technical indicators are also bullish, supporting the possibility that BTC resumes its upward movement.

BTC Chart By TradingView

BTC Wave Count

The wave count suggests that BTC is in sub-wave 5 (shown in black below) of wave 5 (orange).

A possible target for the formation to end would be at $29,800 (3.61 Fib extension of wave 1). The next resistance past that would likely be seen at $33,600.

BTC Chart By TradingView

A closer look shows that BTC could be nearing the top of its move. The minor sub-wave count shown in blue.

A similar target of $29,357 is found using the 4.61 Fib extension of sub-wave 1.

The invalidation for this bullish count would be found at $25,831, below the minor sub-wave 2 (shown with the red line).

A significant correction would be expected after the move is complete, as outlined in our article from Monday.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to resume its upward movement and reach a high between $29,350-$29,800 before decreasing.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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