Bitcoin [BTC] Majestic Rally is Unstoppable – $13,000 is The Next Bulls’ Rendezvous Point

Bitcoin btc bull

Bitcoin [BTC] Majestic Rally is Unstoppable – $13,000 is The Next Bulls’ Rendezvous Point

  • 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

btc price chart
Chart source: Tradingview

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.

Also Read: Bitcoin: Global Financial Crisis Worse than 2008 Driving BTC Prices: Danny Masters

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.

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Bitcoin [BTC] Majestic Rally is Unstoppable - $13,000 is The Next Bulls’ Rendezvous Point
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Bitcoin [BTC] Majestic Rally is Unstoppable - $13,000 is The Next Bulls’ Rendezvous Point
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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.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 206 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @