Bitcoin makes new yearly high as it nears $9000

Since February, bitcoin experienced four consecutive months of price increases.

BTC has gone up more than 168 percent, marking a new yearly high of $8,950 today.

These price points have acted as barriers, preventing the price action of bitcoin from getting pushed up or down.

If this level breaks with significant volume the market could go through a fear of missing out phase with the potential to take bitcoin up to $14,000.

Based on the TD Sequential Indicator, bitcoin is sitting on a green eight candlestick and fighting the $8,800 trendline on the 1-week chart.

On the 3-day chart, the $8,200 resistance level was holding the price of BTC from going higher for twelve days.

Now that this level has been broken with significant volume bitcoin is reaching new yearly highs and could be on its way to test the $9,600 resistance point given by this chart.

Based on this pattern, bitcoin could move up another 19 percent from the breakout point of $8,350.

Bitcoin remains bullish across all major charts and it seems to be on its way to the $10,000 pivot point.

The 1-week and 3-day charts are giving signs of bullish trend exhaustion, which could indicate that after reaching the next resistance point bitcoin could consolidate once again or correct.