Welcome to a new week of possibilities for bitcoin traders. We had a bearish previous week on bitcoin price. Bitcoin price volume is depreciating gradually and extreme care should be taken before making any financial decision. It is said that bitcoin’s price pattern is yet to play out again two years ago. We hope to see a short-term bounce on the support $8,899. The bounce may help bitcoin price touch $12,000. We have to wait for be the usual cross on the MACD before our trade setup is complete.
Bitcoin Price Action This Week
Bitcoin has been moving in a range since last week and might not do well to climb appreciably. So, for this week. if MACD crosses in the above direction, then we should see the bounce has mentioned earlier, else a further plunge to $7,500 may occur.
Looking at the technical indicators:
Major Support Level – $8,899
Major Resistance Level – $9,943
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