Hello everyone, we have reached a new milestone. Monday arrived and the movement wasn't powered by coal, it's rocket fuel.

Bitcoin reached the 71000 milestone today, surpassing the weekly resistance of 69000 on November 8, 2021. Coincidentally, a significant movement seen few times before begins, what will be the next chapter? 

For those who follow me here, remember that in my last analysis, on Thursday, I said that we needed to break two resistances, it came surprisingly sooner than expected. The first, stay above the old bullish line, the second, break the descending channel. In one day, we saw this happen today, and with such great force that it didn't break one or two resistances, but three.

Let's go to the graph.



We can clearly see that our breakout came with much more force and did not accumulate much liquidity since the day it was held by the bullish line. The movements following the zone that respected the bullish line serve as support for the theory that there was resistance. But for anyone who has BTC in their portfolio, this is a big day. Surprisingly, we saw an increase of over 7% just today, even breaking the conflict between two resistance zones, marked on the chart.

Also, I would like to show you something that is repeating itself again. And this is the repetition of repeated moves into overbought zones on the weekly chart.



We can draw two conclusions from this, one of them is that the trend is for a strong correction, but for optimists like me, and with all the indications, we may be following something that only happened in 2016/17, high peaks in profits and capital.



In 2016/17, BTC jumped from $727 (14 November 2016) to $18953 (11 December 2017). Forming these high peaks that never wavered in the lower areas of the RSI. It would simply correct, return to a safe zone, and again, overbought. Currently, we have just come out of an overbought and with a slight correction will we start a new peak? With current indications, including from analysts around the world, suggesting the accumulation of a store of value in BTC, will we be able to reach these milestones again?

Note: The content above is for informational and study purposes and is not an indication of investments, purchase or sale of assets. It should not be used for commercial purposes and is not consultancy or advisory content. For more information, contact the post administrator.

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