 Good afternoon and welcome to the church of the week video with me David Madden Today's date is Thursday the 12th of November 2020 on the time of just gone 1239 GMT and this week's church of the week is Bitcoin Bitcoin has been on a solid upward trend the last few weeks and months as you can see here a nice series of higher highs and higher lows in fact today it traded briefly North of 16,000 a level last seen in January 2018 I keep mine the all-time high was set in December 2017 So it's been in a strong strong upward trend if we continue to press on higher from here We could be looking at heading up towards the gonna stick the 16,600 region this area here Because we've had so few prices up in this area It's it isn't exactly very easy to pick out many potential areas of resistance, but keep an eye on this general zone here in around 15,000 sorry 16,000 580 16,600 this general area here keep an eye on as a potential target to the upside if you go beyond that Recruiting you're heading up towards 17,000 that's like the next big number And then if you go beyond that again, we could be looking towards 18,000 and keep in mind the all-time high was set In in December to 2017, you know well up towards 20,000 do similarly around kind of 19,600 19,700 so the market's been in a strong upward trend recently So I keep an eye on those air price levels or potential upside targets But it's worth noting that if you take a look at the MACD histogram the MACD indicator positive momentum has ever so slightly Been tapering they've been fading off all the while they actually underlying asset itself Bitcoin has actually been moving higher in price now price is the most important indicator But the fact that we're seeing better divergence that price continues to move higher all the while it ever saw slightly decline In the MacD indicator of MacD histogram it could suggest that the bulls are running out of steam It could be a sign That you know we could see it We could be an infer about a pullback in the near term should that be the case We could drift lower back down for this area here down on 14,822 and a move below that and all that could take us out for this zone here in around 14,000 now if you're going to be trading Bitcoin It is worth you while seeing what's going on with other cryptocurrencies to see if there are also an upward trend And if you take a look at Ethereum here, we can see that Ethereum is It's been a nice upward trend the last few last few weeks We're not too far away from the highs that were set in September and keep in mind the highs that were set in September We're actually the highest level seen since since kind of since I believe I think it's Summary in around the summer of 2018 so we're not you know No multi-year highs were set not that one I'll go and we're not that far away from potentially found retesting those very multi-year highs now how I'm talking about Ethereum on a Bitcoin chart well one of the tenants of Dow theory is that the averages must confirm each other and if you're thinking if your view is that Bitcoin is going a certain direction and Similar market Ethereum is also going in a similar direction. You can then be more confident in your view of a Bitcoin Here it seems the markets we offer a wide range of cryptocurrencies Not just Bitcoin and Ethereum if you go to products and you're going to crypto You can see here a wide range of cryptocurrencies after those of you who aren't interested in training individual cryptocurrencies You can also trade cryptocurrency Indices as you can see here. We have the all crypto index and just down here We have the emerging crypto index so something to take note of that's all in this video. Have a good training week. Good luck