Bitcoin Monthly Closes Above The Clouds For 1st Time Since 2016
Bitcoin broke above $12,000 briefly and is now a little under the $12k mark but things are looking great for the king of cryptocurrency:
Bitcoin Monthly Closes Above The Clouds For First Time Since 2016
Last night, Bitcoin closed out August and opened September with a new candle. At the same time, the leading cryptocurrency by market cap also closed its first monthly candle above the Ichimoku cloud since 2016.
That year, BTCUSD closed above the key level twice, unable to hold the first time around. On the second, successful attempt, the crypto asset rose more than 1500% over the next 12 months. Will Bitcoin hold and head off on a new uptrend, or is another retest of support necessary for the cryptocurrency to hold above the key level?
Bitcoin price closed the August 2020 monthly candle at the highest point since the peak of the 2017 bull run. That pivotal monthly close in December 2017 at roughly $13,800 is the final resistance level before new highs, according to the Ichimoku indicator.