By CryptoCoinTalk – At the time of writing we are approaching the all time high of the Bitcoin course. On 17 December 2017 it was at $19,666 at Bitstamp to be exact.
The Bitcoin price proves once again that it can work small miracles. Seeing a low of about $3,850 in March and then (possibly) setting a new all time high later that same year.
Bitcoin at its best, shall we say. We are going to take a look at the Bitcoin course today to see if we can actually get that new all time high.
Bitcoin (BTC) week graph
The weekly chart looks incredibly strong. Still no inhibition of momentum and one green weekly candle after another. The only price level currently above us is the all time high of $19,666.
If we break through this with conviction, there is a very good chance that we will look up the fibonacci extension levels shown on the chart. The next Fibonacci extension level will be $22,068.
Bitcoin (BTC) day chart
The day graph clearly shows that the Bitcoin course is setting a significant parabolic rise. The longer there is no significant correction, the more severe the correction will be.
Think of it as an elastic that stretches. The more tension there is on it (the greater the rise), the heavier the price will go down when we start showing a correction.
So take this into account! Possible first decent pullback zone is at $15,852 to $16,072.
Bitcoin (BTC) 4-hour chart
On the 4-hour chart we formed a beautiful textbook bull pennant. This is a type of pattern that you see a lot in the current market conditions. Short consolidations followed by a continuous pattern up.
We have seen a strong outbreak of it and are now just below the all time high. Should we make a small pullback, the $18,800 is the first form of support (previous high candle close).
In short, the Bitcoin course still looks mega bullish. There is no sign of weakness, so it seems a matter of time before we break the all time high.
We are in a new bull market and we still have a long way to go. We expect this bull market to continue for a long time to come. Enjoy the ride!
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