Bitcoin price has just surpassed the amazing $20,000 mark for the first time in its history and sights for more. At the time of writing this the BTC price is sitting at 20650.00. The rest of the market is closely following Bitcoin with Ethereum price jumping towards $610 and Ripple finally recuperating from its last drop. What’s next now?
Bitcoin Price Analysis: BTC Price Could Touch $22000 Soon
BTC/USD Daily chart – TradingView
The BTC/USD daily price chart is displaying promising behavior. The only resistance that bulls were facing was the all-time high at $19,888. Trading volume had already started falling again, which indicated that BTC was ready for another breakout or breakdown. Now, it appears that odds support the bulls in the short and long-terms. Most technical indicators were heavily bullish on virtually all time-frames.
On the daily chart, the 12-EMA is way under the current price and bulls seem to be in the commanding position. The next possible resistance level could be at $20925. Above that, the next notable price spot is $21453, a significant psychological resistance level. Nevertheless, it looks that Bitcoin price is meeting very little resistance to the upside and it could soon touch the $22000 mark.
Bitcoin Price Analysis: The Hourly Chart
BTC/USD Hourly chart – TradingView
On the hourly chart, the 12-EMA is also way under the current price and bulls appear to be in the dominant position. If we closely observe the Ichimoku Cloud indicator, then when the price is below the cloud the trend is down. When the price is above the cloud the trend is up. At the moment, the cloud is slightly moving in the same direction as the current Bitcoin price and it could soon touch the $22000 mark.
