Bitcoin is Eyeing $19,680Bitcoin is an asset-champion this year with a YTD return of 160%. Analysts of major corporations like J.P. Morgan say that Bitcoin may double or triple in the coming 3 years.
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Many analysts are bullish on BTC/USD and many predicted that the price will hit $20 000 by the end of the year, which still looks achievable.
On November 21, Bitcoin established a new high at $18 974, almost reaching the $19 000 barrier and found a strong support at $17 626.21 where the pair continued the bull run.
As seen on the chart above the uptrend of Bitcoin yesterday was backed by the EMA50 and the dynamic support of November 18. By the time of writing this article Bitcoin on Overbit is traded at $18 711 and is above an important resistance at $18 672.
There are two patterns to watch in this price action of the pair, one of which is an expanding diagonal, the other is a parallel ascending channel, both signalling the continuation of the bullish run.
There are two major resistances up ahead, one of which is the area of the previous high of $18 974 and $19 000 and the next is at $19 685.
MACD on an Hourly chart already is about the signal line, and there is a strong support by EMA50 and MA100, however the resistance at $18 672 remains penetrated though intact, Bitcoin must close above this resistance to continue the surge.