Bitcoin Continues Ascent After Breaching $23,000

[Donken]

Bitcoin Continues Ascent After Breaching $23,000

Bitcoin (BTC) has continued its ascent after finally cracking $20,000, reaching a high of $23,800 on Dec. 17.

Bitcoin is expected to continue increasing towards higher targets before an eventual correction.

The BTC price has continued its upward move after breaking out above $19,500. It reached a high of $23,800 yesterday before creating a small upper wick and decreasing slightly back to $23,000.

Technical indicators in the daily time-frame are bullish. Besides the fact that yesterday’s movement transpired with significant volume, the RSI just crossed back above 70 and the MACD histogram is now positive. The bullish trend continuation would be confirmed by a bullish cross in the Stochastic oscillator.

The two-hour time-frame shows that BTC is possibly following an ascending support line, and is considerably above it.

However, lower time-frames are showing some weakness, since both the RSI and MACD are moving downwards. The latter is already giving a reversal signal.

If BTC begins to decrease, the closest support area would be found at $21,000, the 0.618 Fib retracement level which also coincides with the ascending support line.



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[Msweet]

I don't think it will.  The price of Bitcoin has started rising again which is currently above 23500 USD.  According to various experts, this bitcoin will cross 25000 USD very soon and will move towards 30000 USD.