Traders expect ‘shallow’ Bitcoin price pullback before new all-time high

Traders expect ‘shallow’ Bitcoin price pullback before new all-time high


Bitcoin (BTC) just set another 2020 high by rallying above $18,000 for the first time in three years.

On Nov. 17 BTC price rallied to $17,858 after a high volume surge pushed the price cleanly through the $17,100 to $17,300 range that many analysts believed would be a strong resistance level.

According to Decentrader co-founder, filbfilb, Bitcoin price could continue to march higher in the short-term if key underlying supports hold.

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BTC/USD daily chart. Source: TradingView

The popular analyst tweeted the above chart and said:

“The current PA could still very easily result in a blow-off towards the Golden Ratio Multiplier, currently at 19k.”

BTC/USDT daily chart. Source: TradingView

As shown on the weekly chart, Bitcoin is just a hair away from snatching the $19,763 all-time high reached on December 2017, and on multiple timeframes, the volume profile visible range (VPVR) shows there is little resistance above $17,000.

Analysts were expecting the price to briefly consolidate in

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