The bull market in the cryptocurrency market again continue to catch momentum. Last week, Bitcoin The $ 19.000 mark for the first time since December 12 is very close to an all-time high, to be exact at $ 2017. At the time of writing, BTC / USD is slightly up and trading in the $ 19.880 region after correcting from its yearly high at $ 18.350.
The daily chart is currently showing the formation of an ascending channel. Meanwhile, the leading cryptocurrency is fighting for resistance at the middle boundary of the channel.
Bitcoin is required to close daily above this barrier in order to maintain support levels, targeting the region above $ 19.000. The RSI indicator is moving sideways with a small tilt upwards. In other words, the market is stabilizing while buyers dominate, at least for now.
Trading above $ 19.000 could bring Bitcoin closer to its record high, currently Bitcoin's major area of resistance. If the $ 19.000 mark breaks, a rally beyond $ 20.000 is very likely to happen.
Currently, all three lines: 50 SMA, 100 SMA and 200 SMA are catching up with the uptrend, which is another bullish signal. Besides, the large gap created by the 50 SMA on the 100 SMA shows that the buyers now have the upper hand.
It is worth mentioning that the bull story will end if Bitcoin is not on the middle boundary of the channel as well as at $ 18.500. A breakdown of below $ 18.000 could trigger large sell orders, pushing Bitcoin back to major support zones at $ 17.500, $ 16.000 and 50 SMA at $ 14.000.