DAILY NOTION: Bitcoin Price hits $18K but Traders Expect ‘Shallow’ Pullback Before New High
Bitcoin 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.
As BTC stormed through the $17,000 level, there was a lot of talk about whether the price would reject near the 2017 high or break through the ‘resistance’ and rally to a new all-time high.
In 2017, the rally was driven purely by retail traders and a huge amount of FOMO, but in 2020 the scenario is much different.
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