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Higher Highs on the Horizon

The high levels of demand for Bitcoin are also reflected in its 3-day chart despite the lackluster price action. Within this time frame, the TD sequential indicator is currently presenting a buy signal in the form of a red nine candlestick.

The bullish formation estimates a one to four candlesticks upswing or the beginning of a new upward countdown. Based on the price history of the last two months, the bellwether cryptocurrency might be preparing to surge towards the setup trendline that sits around the infamous $10,000 resistance level.

A further spike in the buying pressure behind BTC that allows it to break above this supply barrier would likely entice other market participants to pile in and propel its price to $11,500 or higher.