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)