Another day and another yearly high has been hit by bitcoin on its march back upwards. Analysts are eyeing the next resistance levels and it seems that BTC has a bit further to go yet.
Bitcoin At Six Month High
BTC has tapped a new 2020 high of just shy of $10,500 during today’s Asian trading session. Since its jump back above five figures a couple of days ago the king of crypto has continued to march slowly higher reaching prices not seen since early September last year.
It appears to be forming a rising wedge on the hourly chart which could signal a short term reversal. Longer term patterns are bullish however as the uptrend strengthens.
So far this year bitcoin has made an impressive 45% which was enough to garner the attention of the pundits on CNBC’s ‘Fast Money’ yesterday.
Analysts have been eyeing next levels of resistance and Josh Rager has found a level of around $10,750 on the monthly chart.
“And $BTC could get as high as $11,400 to $11,550 before topping out IMO”
$BTC $10,761 remains the resistance on the monthly chart
But if we zoom in inside the monthly, we’ll see horizontal resistance at $11k
And $BTC could get as high as $11,400 to $11,550 before topping out IMO (VAH/VP)
I’ll stay in spot positions until then & likely hedge short pic.twitter.com/LjRnO01KwD
— Josh Rager 📈 (@Josh_Rager) February 13, 2020
He added that horizontal clusters can be seen clearer on the daily chart which shows resistance at a similar level.