Bitcoin has gained lots of recognition this week alone as lots of investors are buying into it. Bitcoin Price in itself has really shown this.
Last week we touched $11,987 before withdrawing. This price ($11,987) is seen to be a major resistant as it is tested again and rejected.
We presently see bitcoin price to move within the range of $11,987 and $11,465 and any movement outside this may be a huge move.
Bitcoin is still in an uptrend as price is still above the 200 MA and the MACD is above the zero line. Though the MACD moving averages have crossed downwards, but we wait for the next upward cross of the moving averages which will come with a spike above the present resistant. Anything outside this we stay away.
Looking at the technical indicators:
- Major Support Level – $11,465