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Bitcoin Could be Heading Back to 20K

Bitcoin (BTC/USD) has been consolidating since December. But looking at the daily chart, it looks like bulls are back in control.

BTC/USD

  • 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.

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