Bitcoin price continues to rise despite seven solid weeks of positive price momentum. Whether the cryptocurrency has already returned to pricing mode or not is controversial.
But even if it doesn’t, this latest push pushed the first cryptocurrency to its final resistance level before breaking a new record. When the all-time high is reached, FOMO will no longer be able to flood the room and send Bitcoin at astronomical prices.
Bitcoin Bulls Rush To $ 18,000: Why This Is The Last Stand Before A New Record
Bitcoin price movement continues to heat up and at this point is rising almost in a straight line. The leading cryptocurrency by market cap hasn’t seen much of a correction throughout its ascent, but it has moved closer to its final resistance level before setting a new high.
Will this new all-time high be reached before the month, week, or even day is over? Or will this level of resistance be enough to prevent the FOMO from moving any further for the time being?
Any scenario is possible. Bitcoin price has very little resistance up here as you can see from the 4 hour price action that was left around the spike of 2017.
So little resistance above $18,800 could mean a new record is nearer than most expect | BTCUSD on TradingView.com
But there may also be a perfected sales setup – two of them – as soon as the cryptocurrency approaches the last minute before pricing really begins.
Short-term reversal possible: sales setup and countdown triggered on final resistance
The TD Sequential display triggered a 9 setup and a 13 countdown. The two signals suggest that the trend is overstretched and needs to cool down. As you can also see in the image below, Bitcoin ignored some of these signals on the way up.
TD 9 and 13 setup and combo have been triggered on the four-hour chart | BTCUSD on TradingView.com
During the last cycle, the bull market only really picked up speed when Bitcoin hit a new all-time high. However, FOMO is here now and with the low resistance and strong momentum, a new record in days – even hours – cannot be ruled out.
It could be. Is Bitcoin ready to set a new record, or is this the short-term reversal so the cryptocurrency will fuel up a bit before the full bull run begins?
Featured image from Deposit Photos, Charts from TradingView.com