Bitcoin is sidewaying as you might expect after reaching $18,000, with the currency kind of stopping here for the past two days.
That’s a good sign because it tested support at $17,200 about three times, with it holding.
However, it’s not clear whether it can take $18,400 without some recharge as it now sits at this very significant level just below all time high.
You can’t quite see bitcoin’s action at around the same levels in 2017, but it plunged from about $17,000 to $12,000 before recovering to all time high.
In the meantime however it spent around eight days at that circa $17,000 line, with it spending five days this time at $15,000.
Once the $18,400 resistance falls, you’d think all time high would be over, with it here presumably where bulls and bears decide whether bear reign is over, and the new bull king takes charge.
The fact it is holding and kind of sidewaying is good news, something that may increase bullishness by itself.
And going by past action, it might not stop here for long, but that’s with the caveat that when it first reached this price level, it did not quite have any previous history to look at.
So it may hang out longer here, or it may get bored more quickly, with it to be seen now as bitcoin stands at the edge of all time high.