Bitcoin has been rallying persistently since tagging the $6000 at the start of February. We recently saw that price broke above some key resistance factors, opening up a bullish outlook towards $11,700.
It looks like price is about to tap this target and potentially extend higher. But just above $11,700 is a war zone between bulls and bears.
Bitcoin (BTC/USD) Daily Chart
- I think this large area going up to $13,000 will introduce some choppiness for BTC. This was an area the market either found support or resistance in.
- If price starts stalling around $12,000, I think there is a chance BTC will dip and retest that $10,000 mark.
- Above $13,000, I think BTC will head towards $16,000 area as next key resistance. Within this rally, we should anticipate a retracement back to $12,000.