We are entering the last monthly candle that will close the year. Bitcoin is back on the psychological resistance of $17,000. The bulls are ready to push the price even higher.
Bitcoin: on the verge of crossing a psychological hurdle
Since Tuesday’s low of $15,884, bitcoin is up 5.5%. At the opening of today’s session, so far this crypto has made a performance of 2%. The buyers look set to push the price into an uptrend for this week. Despite these recent rises, this crypto is still in the red for this month. Sure enough, bitcoin price is set to close this November close to the $17,000 hurdle.
However, this recent uptrend is no accident. This is a continuation of the price bounce off the $16,000 level. This is a key support that lines up with half (50%) of the upward impulse from November 21-24. After this correction, the target given by the Fibonacci retracement tool stands at $17,588 (161.8%). The second objective is slightly above the psychological resistance of $18,500.
Thus, there is a strong chance that bitcoin will be in the green this week, driving its price towards the $18,500 hurdle. Indeed, we can see the presence of several bullish signals. First, there is the breakout of the symmetrical triangle that has formed since November. Additionally, bitcoin also broke through the 50 moving average which was a short-term hurdle.
Towards $18,500 before the end of the year?
With these bullish pressures at the beginning of the week, it could be that December is a correction of the losses suffered in November. Which leads us to the conclusion that bitcoin is likely to see a rise towards the $18,500 resistance. Thus, we can consider an annual closing close to this zone.
In the event of a break of the support at $15,500, this bullish thesis will be invalid. In this case, the price could go down to $12,500 since no support stands up to this level.
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