Gains on cryptocurrencies are continuing today, with global financial markets in general being in a risk-on mood ahead of the FOMC meeting. Bitcoin, the most famous cryptocurrency, also benefits from an increase in risk appetite and breaks above the $18,000 for the first time since the first half of November.
Taking a look at BITCOIN at D1 interval, we can see that the price broke above an important resistance zone in the $17,700 area and continued to move higher later on. Should today's daily candlestick close at current or higher level, technical outlook for bulls would brighten and BITCOIN may target the next important resistance - upper limit of the market geometry in the $19,777-19,990 area. On the other hand, failure to maintain gains and a pullback below the aforementioned $17,700 price zone could hint that the downtrend is still in play and declines may resume.
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Source: xStation5
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