BTC had a nice break out of the main trend channel (Oct 27). Since then we had consolidated some, then broke from that smaller channel (Nov 12). This week BTC has printed an even smaller consolidation and today we've broken out from that.
It's important to note BTC is running out of steam. For the trend to continue BTC must print a higher high above the previous 16480 level marked "Resistance" on the chart. If we hit that resistance level and bounce down, look for bitcoin to go to 15880 short term. If it breaks through that short term resistance look for a touch back to the 13550 level.
On the bullish side, if BTC is able to push through the 16480 "Resistance" level convincingly then BTC is back on track towards it's push to 20K.
It's important to note BTC is running out of steam. For the trend to continue BTC must print a higher high above the previous 16480 level marked "Resistance" on the chart. If we hit that resistance level and bounce down, look for bitcoin to go to 15880 short term. If it breaks through that short term resistance look for a touch back to the 13550 level.
On the bullish side, if BTC is able to push through the 16480 "Resistance" level convincingly then BTC is back on track towards it's push to 20K.