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Bitcoin Retreats After Tagging Channel Resistance

Last week, we suggested monitoring Bitcoin (BTC/USD) around the $11,500 area for resistance. There was a confluence of resistance factors here, including a previous resistance pivot, moving averages, and a falling channel resistance. Plus the RSI was approaching 60, and a market in bearish correction would likely keep the daily RSI under 60. 

BTC/USD Daily Chart

  • The daily chart shows price finding resistance between $11,500 and $12,000.
  • We can also see that the dip is about to break below a rising flag pattern.
  • A clear break below $10,000 could send price back towards the $6000 level, although we should monitor a few levels as support as we mentioned in the previous update.
  • I will list them again here:

    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)


Bitcoin (BTC/USD) Looks Bearish After Rejection at $10500

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