This week bitcoin price continues to consolidate following last week’s pattern.
Can bitcoin price touch $12,000 before September winds up? Why has bitcoin not moved up so far?
These questions are certainly in your mind and I believe in every trader’s mind.
Certainly, bitcoin will hit $12,000 again and even shoot over, but certainly not this month. Let’s have an outlook.
Bitcoin has been in a retracement from the previous bull run and is trending towards another breakout which could either be bullish or bearish.
The 200 moving average has held price around it for weeks now, the MACD histogram has been short signifying a momentum buildup.
Price now sits between $10,773 and $9,987 and is able and may exceed this range soon. Yet our breakout level to the upside remains $11,138 before our next entry.
Looking at the technical indicators:
- Major Support Level – $9,987