We are going to be talking about the bitcoin road to 20000, a few key points of resistance that are on the way to a Bitcoin getting the 20000. So you want to find out what they are stay tuned for: today's episode, alright, guys what's up today, we're going to be talking about the road to 20000, because in order for Bitcoin to really hit new all time highs, we need to get to the previous. All time high and surpass that well, the previous all time high happen in December 2017, 20000 need to really get there and break through there before a lot. More people are going to start flooding and before the price really starts going up. So today's episode we're going to go over to the road 20k because there are a few key points and resistance that we need to keep an eye out for now. Bitpay exact, sunny Singh is saying that bitcoin is going to push over 20000 in 2020. He thinks this is the year that's going to do it and he says that something unforeseen will actually cause that now, let's take a look specifically at where bitcoin is where bitcoin is going so chart here, a lot going on, but I'm going to explain it all To you, so we had the previous all time, high December of 2017 to 20000. Now, since then, Bitcoin has been in some one of a downtrend between these blue trend. Lines has been somewhat of a downtrend since December 2017 until about December 2018 January 29th.
When we started to see a potential uptrend and now we're getting to the point where Bitcoin may soon be testing the upper bounds of that downturn to see if we can truly break out of it now, Bitcoin did just break out of a shorter downtrend that we Were in since June of 2019, we're broke out right here back in January and we're heading up to the top of the long term downtrend. Now, what we're going up in is quite a quite a sharp trajectory, a trend that we're going in these orange lines here. But if we take a look at them, they do actually have Bitcoin going up towards the 20000 range within a few months. So let's just zoom out again, so you can see this. This actually has Bitcoin hitting 20000 by May of 2020 right around the time of the half. If we can stay in this trend channel but there's a few key points of resistance that we need to break through in order to get to that 20000 mark and that's. What I want to talk about in the episode today, the biggest trend lines right here. This first one is the one we're going to be coming up against soon, probably by the end of February, right around eleven thousand five hundred dollars. Now this trend line is actually there's, both the top of the downward trend we've been in since December of 2017, but also if we take a look previously there's a lot of resistance that has formed this line previously and so there's a lot of resistance right around That 11500 area plus also the top of the downtrend, so that there is probably going to be the biggest area where we need to look to see, is Bitcoin going to get rejected, or is it going to break through and that's going to be coming up soon? Like I said by the end of February now, if it gets rejected, we'll, probably head back down towards somewhere around the 8800 area at the bottom of this upward trend channel or it and again, we'll need to take a look, because we have a bit of a Wedge right here, and sometimes the price can bounce up and down between no edge.
Now one thing that I should note there is a lot of exuberance in the market. Recently, a lot of people are excited about the Bitcoin price going up. If we take a look at the weekly Mac deep, we had a positive crossover and the weekly and the weekly MACD is a very good indicator for trends in the market, bullish and bearish trends in the Bitcoin market. So since we did just have a crossover, potentially, we might be breaking through this, but this is the biggest one that I'm going to be keeping an eye out for in the short term. Now, after that, there are a couple other areas where we should definitely keep an eye out, for one would be right around this thirteen five, thirteen six area where again it's been resistance, previously resistance support, so that's another area that we need to break through. So we get through the eleven five. The next one would be the thirteen six and then, if we break through there, we're not all clear for 20000 until we break through this 16 v 16 six area. Where again it was a bit of resistance right here. So those are the three areas: I'd be looking for: two resistance to get to 20000, but should we mention that if we do break through the 20000, we wouldn't be reaching the top of the trend channel that we're in right? Now because, as you can see here, we are in this bullish trend between the white line we wouldn't be reaching the top of that until actually it would be in around July of 2020, where we would be around 33 35000 area.
So if we break 20000, we might be heading up towards there before we see a retraced went down to the bottom of this channel. So that is my thoughts on where bitcoins going resistance to look out for the biggest one, like I said, 11500 11600. That would be my bet on where we're going to see some resistance, and maybe the type of resistance like what we just saw with Bitcoin, where it hit 10000, was rejected and a few days later broke through and now found support. There may be that type of thing, but that's, the first area and probably the area of biggest resistance that we need to break through in order to get to the 20000. So thank you for watching guys.