- Bitcoin bulls are intensional about hitting a new all-time high and holding above $19,000 is very critical.
- BTC/USD could enter a price discovery period if it penetrates the all-time high barrier near $20,000.
Bitcoin bull rally is still on and seems unstoppable, perhaps until it hits its all-time high. On Tuesday, the flagship cryptocurrency surprised many by lifting off above $19,000. Moreover, BTC has managed to stay above $19,000.
At writing, BTC is doddering at $19,182 while holding above the month-long ascending parallel channel’s middle boundary. All eyes are fixated on breaking above $20,000, which will allow Bitcoin to enter a price discovery period.
Bitcoin has continued to rally despite technical and on-chain indexes spelling doom. In other words, the price could be rallying due to greed, hope, and euphoria among investors. However, it is essential to be aware that a reversal is usually imminent in such an extended bull cycle.
For now, staying above the channel’s middle boundary is the first step to ensuring Bitcoin continues with the uptrend. On the other hand, the Relative Strength Index appears to be holding above the midline following a rejection from the overbought region. If the index renews the uptrend, the bellwether cryptocurrency may also jumpstart the final leg to $20,000.
BTC/USD 4-hour chart
In addition, Bitcoin has been trading above all the three moving averages and especially the 50 SMA in the 4-hour timeframe. In bull markets, holding above the 50 SMA is a critical indicator that Bitcoin is not done with the upside. The gap made by the 50 SMA above both the 100 SMA and 200 SMA also doubles down on the bulls’ presence in the market.
It is worth mentioning that the mission to hit a new all-time high will be abandoned if Bitcoin slides under the channel’s middle boundary support. The RSI may also drop below the midline, suggesting the bearish pressure is rising. Support is expected at the 50 SMA as well as $18,000. Extended losses will seek an anchor with the 100 SMA at $17,000.
Bitcoin intraday levels
Spot rate: $19,084
Relative change: -92
Percentage change: -0.38
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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