Comment

Bitcoin at support, if this support holds next target is 11.500.

We have Bitcoin for some time now pushing higher and staying above the levels of 8900 and 9000 as former resistance levels turned in support levels now.
Today the price revisited the 9000s and went just below it, it holds now in the price range of the mentioned support levels and if it persist to be above 8900 and 9000 we can see the price moving up again and going towards 11.500.

The level of 11.500 is important as resistance and it is a level where the price will close a cycle movement that mirrors the fall in price from previous weeks. We should not forget the bears are appearing strong above 9000 and it has been shown today with the move below 9000 and the negative volume we get.

It is positive to see that the price went above 9000 after some time, bulls should be strong in the levels below 8900, and we will see a fight bulls vs bears now as we are at the levels of strong clash.

The verdict: monitor the levels 8900 and 9000, watch the volume and cycle movement, buy if price holds above 9000 for the next 3-4 days, and if no big disruptions are in place, target 11.500. Caution at any time!

Risk warning!
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Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit. You should first be aware of the risk and know what you do before you proceed with trading. Supplied information is not advice.

Author: Blagoja Pazarkoski, mCMI. Trading and Strategy Mentor at The Trade Academy.

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