Bitcoin masterplan breakout eyes $22,500 as crypto bull market nears the ultimate flipping point

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  • Bitcoin exchanged hands at its all-time high for the first since 2017’s bull market
  • Bitcoin is banking on establishing higher support, preferably above $19,000 to help in the mission to $22,500.

Bitcoin traded at its all-time for the first time since December 2017, although an untimely correction seems to be coming into play. The main aim for the bulls is for Bitcoin to start a new phase above $20,000. However, at the time of writing, the flagship cryptocurrency is teetering at $19,510.

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BTC/USD weekly chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Volatility is extremely high at the time of writing perhaps due to the speculation among investors. Trading above $20,000 would mean that all addresses in the history of Bitcoin would be in profit, at least for the long-term holders.

The 4-hour chart shows a bearish candlestick forming following the rejection from the ATH. If Bitcoin closed the day above $19,000, bulls will take advantage of the stability to execute the next mission for gains above $20,000 and towards $22,500.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Meanwhile, the bullish scenario has been validated by the Moving Average Convergence Divergence (MACD). The indicator is moving higher within the positive territory. In addition, a bullish divergence above the MACD reinforces the strong bullish grip.

Similarly, BTC is trading above all the moving averages; the 50 SMA, 100 SMA, and 200 SMA. The gap formed by the 50 SMA above the other two moving averages shows that buyers have the upper hand.

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It is worth mentioning that the bullish narrative will be invalidated if Bitcoin continued with the correction under $19,000. This might bring some instability in the market with some investors panic selling for profits. If the selling pressure becomes strong enough, BTC/USD could revisit the 50 SMA support marginally above $18,000.

Bitcoin intraday levels

Spot rate: $19,617

Relative change: -103

Percentage change: -0.5%

Trend: Bearish

Volatility: Expanding

 

 

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The post Bitcoin masterplan breakout eyes $22,500 as crypto bull market nears the ultimate flipping point appeared first on Crypto new media.