- Bitcoin continues on the mission of breaking barriers to the all-time high.
- Technical indicators ooze positive signals suggesting an unstoppable bullish momentum towards $13,000.
On the day Bitfinex exchange has scheduled a maintenance upgrade that will take seven hours to complete, Bitcoin broke another barrier at $12,000. The exchange is expected to be to shut down most of its services including trading, deposits, and withdrawals.
Bitcoin, on the other hand, had stalled under $11,500 yesterday following the failed attempt to break past $11,500. The price dived sharply and briefly testing $11,200 support. However, it appears that the retracement was necessary to create fresh demand for the largest cryptocurrency on the market which is currently trading around $12,483 (on Coinbase).
Meanwhile, all applied technical indicators are oozing positive signals. An indication that the ongoing bullish momentum is far from over. BTC/USD has achieved a new yearly high at $12,519 (on Coinbase) before retracing to the current market value.
BTC/USD 4-h chart
Looking at the 4-hour chart, we see a BTC/USD trading pair that is moving further above the ascending trendline suggesting a new surge movement. It is only a matter of time before Bitcoin jumps above $13,000. Besides, all eyes are set on $15,000 in the medium-term while the ultimate goal is to break the asset’s all-time high and trade above $20,000.
In spite of the up and downs, the Relative Strength Index (RSI) is scaling the levels in the overbought. It slopping upwards precisely at $88.45. Besides, it has been forming a higher low pattern according to a trendline connection the swing low positions.
The Moving Average Convergence Divergence (MACD) is at its highest levels in June and May combined. The indicator currently at +500 is still pointing upwards. The increasing divergence suggests rising buying pressure while selling pressure remains largely suppressed.
BTC Key Technical Indicators
Key Resistance: $13,000
Key support: $61.8% Fib level close to $11,000.
MACD: Increasing divergence is a key indicator of suppressed selling pressure.
RSI: Continued upward movement suggests a stronger momentum.