Bitcoin's bullish momentum is still in progress and does not seem to face significant stumbling blocks, perhaps things will continue until they set new records. Yesterday (November 24), the leading cryptocurrency surprised many by rising sharply above the $ 11 level and trying to stay above.
At the time of writing, BTC is slightly down and fluctuating around the $ 19.000 zone, while remaining on the middle boundary of the month-long ascending parallel channel. All eyes are focused on Bitcoin Breaking the $ 20.000 mark as this will allow us to enter a new phase of price discovery.
Bitcoin has continued to increase in price, despite technical indicators and on-chain indicators giving bearish signals. In other words, the current price may still increase due to the greed, FOMO and the expectation of investors. However, it should be noted that a reversal is usually imminent in such a long bull cycle.
For now, staying above the middle boundary of the channel is the first step in ensuring Bitcoin temporarily continues its uptrend. On the other hand, the RSI is still above the 50 level after being rejected from the overbought zone. If the index remains bullish, the leading cryptocurrency is likely to enter the last leg of the game to $ 20.000.
Additionally, Bitcoin has been trading above all three of the moving averages and in particular the 50 SMA on the 4-hour time frame. In bull markets, keeping above the 50 SMA is an important indicator that Bitcoin is not doing the opposite. The distance created by the 50 SMA on both the 100 and 200 SMA also doubled due to the presence of bulls in the market.
It is worth mentioning that the mission to reach a new all-time high will fail if Bitcoin slides below the channel's mid-boundary support level. And if the RSI also falls below 50, the bearish pressure is mounting. Expected support will be on the 50 SMA at $ 18.000. The sustained losses will seek another help at the 100 SMA at $ 17.000.