Another day and another yearly high has been hit by bitcoin on its march back upwards. Analysts are eyeing the next resistance levels and it seems that BTC has a bit further to go yet.
Bitcoin At Six Month High
BTC has tapped a new 2020 high of just shy of $10,500 during today’s Asian trading session. Since its jump back above five figures a couple of days ago the king of crypto has continued to march slowly higher reaching prices not seen since early September last year.
It appears to be forming a rising wedge on the hourly chart which could signal a short term reversal. Longer term patterns are bullish however as the uptrend strengthens.
So far this year bitcoin has made an impressive 45% which was enough to garner the attention of the pundits on CNBC’s ‘Fast Money’ yesterday.
Analysts have been eyeing next levels of resistance and Josh Rager has found a level of around $10,750 on the monthly chart.
“And $BTC could get as high as $11,400 to $11,550 before topping out IMO”
$BTC $10,761 remains the resistance on the monthly chart
But if we zoom in inside the monthly, we'll see horizontal resistance at $11k
And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP)
I'll stay in spot positions until then & likely hedge short pic.twitter.com/LjRnO01KwD
— Josh Rager
(@Josh_Rager) February 13, 2020
He added that horizontal clusters can be seen clearer on the daily chart which shows resistance at a similar level. $12k is also a target if BTC can break through initial resistance levels first, from there on there is very little preventing it returning to last year’s high of $13,800.
Other analysts are beginning to advise caution as the number of higher candles on the daily time frame reaches critical levels.
“Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.”
It is far from this daily candle close, but if it remains green, it would be a TD Sequential "9" – a rare thing on a daily time frame.
Considering the preceded rise and the absence of decent corrections, it is wise to be cautious with long positions, IMO.$BTC $BTCUSD #bitcoin pic.twitter.com/eVPoQeP2xJ
— CryptoHamster (@CryptoHamsterIO) February 13, 2020
Elsewhere on Crypto Markets
Bitcoin is making slow and steady progress when compared to some of its crypto brethren. Total market capitalization has topped the $300 billion barrier and an additional $8 billion has been added over the past 24 hours or so.
Ethereum is on fire with a massive 12% surge to reach resistance at $270 while Ripple’s XRP token is enjoying its best run since May last year with a pump of 16% to top out at $0.33.
Litecoin has added 5% or so to top out just under $85 while Cardano has cranked 10% as ADA chases down that top ten position. Stellar is having a similar run while Tron has added 7% on the day. HBAR is the day’s top performer with an epic 50% surge in prices.
The altcoin resurgence has had the effect of dumping bitcoin dominance to its lowest level since the beginning of July last year. According to Tradingview.com it is currently at just over 63%, the majority of which has been consumed by Ethereum.
Will bitcoin top $11k this week? Add your price predictions below.