Bitcoin
Ten Days Remain Where Buying Bitcoin Was Unprofitable
Tony Spilotro · @tonyspilotroBTC | Nov 17, 2020 | 15:00
Believe it or not, Bitcoin price is now trading at over $17,000, even though earlier this year it crashed to under $4,000. From low to high, the leading cryptocurrency by market cap rallied over 350%.
With prices now trading around highs from late 2017 and early 2018 when Bitcoin had set its peak, it has left only ten days remaining where buying BTC was unprofitable.
Bitcoin Faces $17,200 Where Bear Market Began, Final Resistance Before ATH Retest
In the month of November alone, Bitcoin has grown by nearly 30% capping off what has been an incredible year and recovery. There are very few reasons left, if any, to be bearish on Bitcoin at all.
The cryptocurrency’s halving is in the past, the retest of $10,000 feels like a distance memory, and a new higher high has been set. Bitcoin is ready once again for a bull market, and there are only two resistance levels left that stand in the way.
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$17,200 is the last barrier to a retest of $20,000. Given Bitcoin’s bullish momentum and the lack of price action above $17,200, there’s so little resistance left that when $17,200 is broken, the cryptocurrency may never look back.
After this latest rally, there now only remains as few as ten days left where buying BTC was an unprofitable venture.
Looking back to late 2017 and early 2018, only ten days remain where Bitcoin was more expensive | Source: BTCUSD on TradingView.com
Crypto Correction Could Be Coming, But New All-Time Is Inevitable
The majority of the price action took place in late 2017 around the current all-time high, with just one day poking into the current resistance level, before plummeting in early January, kicking off a three-year bear market.
Looking at the peak in January 2018 where just a wick into resistance is left above the current level BTC is trading at, the last line of bearish defense is clear. An evening star pattern formed right under $17,200, and from there the cryptocurrency started its fast fall to $5,800 in February 2018.
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Even if Bitcoin is rejected at the current level, a fall down to $5,800 isn’t likely another time. But considering the fact that the crypto asset last year reached $13,000, then fell to $3,800, it isn’t outside the realm of possibility.
The final resistance level, according to the 3-day chart | Source: BTCUSD on TradingView.com
A correction is long overdue and could be coming. But even if it does, Bitcoin is bullish, and eventually, the remaining red box of price action will be retested as support, not resistance, and if and when that confirms, the bull market is fully on.
FEATURED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM
