Bitcoin has moved up a lot as expected this week. We never expected it to get the spike soon, even though the consolidations were really up there.
Price had a lot of arguments between the sellers and buyers and this gave us a good discount to reenter the market. Price was resisted at level $11,443 before the breakout.
We expect bitcoin price to reach $11,988 this week as the MACD gave a more confidential move. This shows that the MACD moving averages have crossed to the upside and are ready to move higher.
The discounted cross downwards shows short consolidations in the markets which made the price set for the new high.
This week, even though as we move to a new high we need to be conservative with our profit targets so as not to be caught up in the retracement.
Looking at the technical indicators:
- Major Support Level – $11,443
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