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Bitcoin (BTC/USD) - Key Resistance Holding

In the previous look at bitcoin, we saw that price was rising rapidly after tagging the $6000 mark. We noted that as BTC/USD approached the $11,500 mark, we should anticipate resistance. Indeed, price found resistance around this level.

BTC/USD Daily Chart

  • The 100-, 50- day simple moving averages (SMAs), and a falling channel resistance, coincide around $11,500 as price approached this level.
  • It looks like the market also sees this. 
  • I think the important support levels are now
  • 1) $9,900-$10.000 (Support here means bulls are still in control. But a break below does not necessarily mean bears are in control)
  • 2) $8,800-$9,000 (Support here is important for a bullish scenario. If it does not hold, we are likely still in a sideways market. 
  • 3) $7700 (Last line of defense for a bullish reversal scenario. A break below suggests the market is still in sideways/bearish mode)

BTC/USD 4H Chart

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Bitcoin Percolating - Key Resistance Around $11,500