The bullish cycle in the cryptocurrency market continues to gain momentum. For the first time since December 2017, Bitcoin is close to the $19,000 level, which is just $1,000 away from the record high.
The daily graph illustrates the formation of the upstream channel, which at the current time determines the upstream trend. Now the flagship cryptocurrency fights with resistance to break into new heights. The relative force index adopted an equalizing motion with an uneven slope upward. In other words, the market is stable, and the buyers have the advantage, at least for the given moment.
Tops over $19,000 can bring Bitcoin closer to an unprecedented growth, which at the present time is the main area of Bitcoin resistance. If he breaks, it is likely that a rally above $20,000 will be a hit.
It is worth mentioning that the bullish trend may be canceled if the Bitcoin does not stay above the average channel limit, as well as $18,500 in the coming days, pushing BTC back to key support zones at $17,500, $16,000, and $14,000. Please note that the channel lower limit may mitigate the sharp drop in the main cryptocurrency price.
