Bitcoin hit its highest daily close of 2020.
BTC appears to be on the verge of breaking past an ascending triangle pattern.
There is resistance near $ 17,200
On November 11, Bitcoin (BTC) closed the day at $ 15,707, which is its highest daily close level in 2020.
The price is currently looking to break through an ascending triangle. It is expected to be successful which could push Bitcoin Machine up to the next resistance at $ 17,000.
Bitcoin hits 2020 high daily close
On November 12, Bitcoin’s price resumed its upward movement and hit a high of $ 15,991.
Even though BTC then fell back to $ 15,707, leaving a higher wick in its wake, it still closed on November 6 at a level above the previous 2020 high of $ 15,610.
BTC continued its ascent on November 12, and is currently trading just above $ 15,900
The shorter-term six-hour chart shows price is on the way to breaching the horizontal resistance at $ 15,800, as well as an ascending triangle within which it has been moving since November 3.
Technical indicators are bullish, knowing that the RSI is above 50. In addition, the MACD line is above 0, and its histogram is about to turn positive.
If the price exceeds the triangle, to its full height, it would push BTC up to $ 17,200.
The one hour chart shows the considerable buy strength, visible in the long lower wick price created as soon as it hit the old resistance at $ 15,500. This area is now converted to support.
BTC’s weekly timescale shows price is approaching a long-term resistance zone, between $ 16,130 and $ 17,257.
This area was first horizontal resistance in January 2018, and corresponds to the fibonacci levels 0.786 to 0.854 of all the bearish movement that has taken place since.
BTC is very close to first resistance and its technical indicators are bullish. This suggests that price will be looking to move up towards the resistance area of $ 17,257.