09.11.21 Technical analysis of BTC – the price reached the new ATH at the level of $ 68,500!
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BTC after breaking the short-term maximum surpasses ATH and enters the price discovery zone. There are no resistances in this area because there are no historical volumes. Nevertheless, we can determine whether the market is overheated or not. This break was long overdue and everyone agrees that BTC will reach a 6-figure amount by the end of the year.
BTC is at the beginning of another bull leg, which, however, must be accompanied by cooling zones. The price is in the short term overheated and in the near future would be within growing trend she had to go to a short-term sideway structure to cool down and then continue to grow.
BTC / USD 4H. Source: TradingViewBTC on the new ATH
The support zone will be defined by the last phase of BTC’s indecision in the range of $ 59,000 to $ 64,000. Resistances on the other hand are not, but as we said, if it will price overheated, growth will be accompanied by sideway structures in the short term. Volumes have also increased and are on the side of the bulls, but these are not high numbers compared to the past.
As we predicted, ATH breakthrough will be accompanied by an increase in BTC dominance. It is in a growing leg, but I do not expect dominance to grow as much as it did last time. The Altcoins will catch up with BTC a little earlier. Some high-cap coins perform better now.
