Bitcoin (BTC) has risen beyond its September highs and is on the verge of breaking through the final resistance region before reaching its all-time high.
Before achieving a new all-time high, BTC might be rejected in the short term. However, all indications suggest that a new high will be attained soon.
On October 6, Bitcoin gained substantially, reaching its highest level since the rising trend began on July 21.
It’s getting close to $57,200, which is the nearest resistance level. Because of the confluence, this is a horizontal and Fib resistance level, implying a mighty resistance region.
A rise above $64,640 would pave the way to the all-time high price. The RSI and MACD are both positive and rising.
The increase is particularly significant in the RSI because it resulted in a move over 50. (green icon). The last time this happened was on July 21, just before the current rally.
Furthermore, the MACD is positive and rising, indicating that the short-term trend accelerates faster than the long-term trend.
In the daily time period, technical indicators are positive. The wave count also suggests that the rising trend will continue.
BTC has shown that the rise is part of a bullish impulse since breaking out of an ascending parallel channel. This indicates that the trend is positive and that the recent drop was only a correction.
According to the most likely count, the breakthrough was most likely part of wave three of a five-wave upward advance.