Bitcoin (BTC/USD) has been consolidating since December. But looking at the daily chart, it looks like bulls are back in control.
- We can see that price came up to 20K twice and retreated both times. You can say that's a double top, but sometimes it simply means consolidation under 20K.
- For me, there are main technical signals that suggest bulls are going to push BTC/USD to 20K again, with the prospect of breaking higher.
- 1) Price held above the 200-, 100-, and 50-day simple moving averages (SMAs).
- 2) The RSI held above 40.
- 3) Price action is strong, and broke 16K.
- At this point, if price can hold above 15K, I would gain more confidence that bulls are in control.
- By the end of January, don't be surprised if BTC/USD is on the other side of the 20K resistance.