Bitcoin has tested the minor resistance around $12,000, which we identified in the last newsletter. Following Bitcoin's rise to $12,000, BTC re-tested the support between $10,000-$10,500. However, the support was tested by the wick of a single candle, which suggests that the support is solid at that price level.
A small support level has started to form around $11,000. However, as seen in the chart, it has been broken already by three candle wicks and does not look particularly strong.
Looking ahead: BTC’s price seems to have stopped its upward momentum for now. One possible scenario is that the price falls again and re-tests the support at $11,000 before bouncing upward and heading to $12,000. Usually, after a long period of ranging, like the one we have just had, Bitcoin will likely start trending. Therefore it is probable that BTC will break the resistance at $12,000 and make higher highs in the near future.
—CRYPTOHOPPER—
A small support level has started to form around $11,000. However, as seen in the chart, it has been broken already by three candle wicks and does not look particularly strong.
Looking ahead: BTC’s price seems to have stopped its upward momentum for now. One possible scenario is that the price falls again and re-tests the support at $11,000 before bouncing upward and heading to $12,000. Usually, after a long period of ranging, like the one we have just had, Bitcoin will likely start trending. Therefore it is probable that BTC will break the resistance at $12,000 and make higher highs in the near future.
—CRYPTOHOPPER—