Bitcoin aiming to break next Resistance Level
In the last few days, BTC has really taken off and I mean really taken off. Whereas there are many claims of why this has actually happened, no one is complaining but the fact of the matter is that Bitcoin is now closing in on its next resistance level which is $12,000 after breaking into the $11k range a few hours ago. Even though it has dropped up a little maintaining its post in the $10,900 range, there is no doubt most people’s minds that BTC will soon break through that range. It wasn’t long ago when the number one ranked Crypto was fighting to break the $9,500 & $10,000 resistance levels and those got taken down within hours. There is no question that the bulls have been busy and we might have not seen the last of the uptrend for the most valued Cryptocurrency.
With the 50% Fib retracement level of the recent rally with a low of $10,275 to a high of $11,422 acting as the strong support near the $10,800 range, there is a slight bullish trend forming with support on the BTC/USD chart. We can say that any increase above the $11,400 range would take it through to the $12,000 resistance but first BTC has to take down the $11,000 mark again. The opposite is also true. Losses could see the prices topple down to $10,300 support zone. The next major support zone after that is the $9,800 level and the 100 hourly simple moving average. However, a dip below $10,000 looks highly unlikely (Please, don’t get jinxed).
What are your opinions on this news? Is BTC going to topple $12k? Will the rest of the cryptocurrencies follow suit soon or is Altcoin season actually over? Will Bitcoin go up or move down towards the lower price support? As always, write down your opinions and thoughts and we would love to feature you on our platform!