A week of fanfare for Bitcoin – The king of cryptocurrencies has reached yet another milestone. It is now more than 13,000 dollars that you will need to count to buy 1 BTC.
Bitcoin is trading at $ 13,152 at the time of writing. 2 weeks ago, we were happy to cross the resistance at 11,100 dollars . Yesterday Bitcoin Bank app closed a frenzied week at over $ 13,050, up nearly 16% for the week.
It signs its highest weekly close since January 2018 and confirms its excellent form in this fall 2020. The price is currently in an ascending channel and the long term trend remains positive .
Since April, Bitcoin has been climbing one by one the steps separating it from its record of 2017. In July, we broke the resistance of 10,000 dollars and recently passed the resistance of 12,000 dollars .
Bitcoin is once again out of the box from the top and the short-term trend is strongly bullish . However, it is currently consolidating in the $ 13,000 area , which leads us to consider the following scenarios:
The buying pressure remains at the same level: before thinking about the final boss of the ATH, the next (very thin) resistance is at the level of the 2019 records, at the bar of 14,000 dollars;
The buying and selling forces balance out with continued consolidation around $ 13,000. A “flat” consolidation , or even a test of the support zone around 11,850 dollars, would not call into question the medium-term uptrend that began in April.
Greed begins to rise
Earlier this month, we were talking about the “Fear & Greed” indicator . This index is intended to be an indicator of the emotional state of the market :
A “greed” outrageous is too full of euphoria usually resulting in a correction.
We went from a value of 52 at the start of the month (neutral) to a value of 75 today (greed). We are starting to be within the values observed in July . If we make an analogy with this period, we still have room for another potential rise in the price of Bitcoin… until the next correction?