BCGAME - Free 5BTC Daily Bonus!O Bitcoin is once again heading towards the long-awaited $100 price level, leaving many investors and crypto enthusiasts wondering whether the asset will break through this time. Earlier last week, the price broke through the $99 level, setting a new all-time high at $99.645,39 on November 22.
Cryptocurrency analyst known as “LegionQ8” on TradingView has shared a technical analysis of where Bitcoin is likely to go in search of a new ATH above $100. Sharing a chart of the cryptocurrency, the expert highlighted that the price entered an ascending channel a few days ago, where it immediately fell to the support line and continued to rise.
“In a short time, BTC reached the support level of 66800, which coincided with the buy zone and broke it, after which it traded close to it for some time and then rebounded to the resistance line of the channel. Then the price made a correction to the support level and then made a push, breaking out of the ascending channel. Then BTC continued to grow within the ascending pennant, where it rebounded from the support line and rose to the current support level, which coincided with the support area.”
For the analyst, the price of Bitcoin could show a correction to the support level, and then begin an increase towards the US$ 100 thousand zone.
“Bitcoin was trading within the support area for a while and then broke it, after which it rose to the resistance line and then bounced back. The price dropped to the support line of this pattern, which coincided with the current support level of 91500. But not long ago, it started to grow, so now I think BTC may correct a bit, to the support level, and then start growing towards 100K.” stated.
The analyst added: “BTC has risen to the pennant resistance line and is now continuing to close the trade. So, I think the price could break out of this pattern and continue to rise towards 100K.”
At the time of publication, the price of Bitcoin was quoted at US$97.502,39 with an increase of 2.0% in the last 24 hours.
