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Bitcoin (BTC/USD) Looks Tentative Ahead of Price War Zone

In the previous look at Bitcoin (BTC/USD) I called the $11,700-$13,000 area a war zone for price action because we have seen sharp moves pushing price out of this zone in either direction. 

As price approaches $11,700, which was also a recent resistance a couple of weeks ago, Bitcoin bulls appear to be tentative.

BTC/USD Daily Chart

  • For the past few days, price has been holding under the "war zone" we described in the previous Bitcoin update
  • The longer price stays here, the more we will need a catalyst to break through.
  • Also, the longer it stays under $11,700, the more likely a breakout will push it up towards $13,000. 
  • However, when I look at the daily chart, I still see some bearish signs.
  • The most telling sign that bears are still in charge is the fact that the RSI is holding under 60. 
  • At this point, a break below $11,000 can bring in a dip towards $10,00 and the recent support pivot around $9360. 
  • We should expect some support between $9000-$10,000. In fact, support here would still suggest a bullish recovery is on its way. 
  • Otherwise, the $8000 area, and the $6000 area will the next critical support levels.
  • Coming down to these levels will show that Bitcoin is either sideways or bearish.

For now, let's monitor the $11,000 near-term support. A break opens up further bearish. correction.

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