BTC Price from $9,500 to $12,000 - Neutral to Bullish Bias.
BTCUSD 12hr Chart Analysis
6:30PM EST
Bitcoin is trending upward from the Short Term Support ZONE and currently encountering the 100MA and 50MA intersection which is a potential reversal point. A break above this intersection, 10,488 spot, could be a signal to a retest of the Short term resistance zone currently at 12,000. A rejection from this intersection could signal a retest of the 9,500 price level with a potential dip into the Short Term Support ZONE.
The oscillators are currently Neutral to Bullish signaling a more likely move to 12,000 than a reversal back to 9,500, although the bias is very soft and closer to Neutral than Bullish at this point in time.
Spot below 9,000 would likely be followed by strong selling toward the 7,950 level, however a spot breakout above 12,000 could clear the way for 15,000 spot. A break above 12,000 would signal long term bullish continuation while a break below 9,000 would signal medium to long term bearish continuation. Likely, further consolidation in this triangle will occur before any breaks above or below those levels occur.
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6:30PM EST
Bitcoin is trending upward from the Short Term Support ZONE and currently encountering the 100MA and 50MA intersection which is a potential reversal point. A break above this intersection, 10,488 spot, could be a signal to a retest of the Short term resistance zone currently at 12,000. A rejection from this intersection could signal a retest of the 9,500 price level with a potential dip into the Short Term Support ZONE.
The oscillators are currently Neutral to Bullish signaling a more likely move to 12,000 than a reversal back to 9,500, although the bias is very soft and closer to Neutral than Bullish at this point in time.
Spot below 9,000 would likely be followed by strong selling toward the 7,950 level, however a spot breakout above 12,000 could clear the way for 15,000 spot. A break above 12,000 would signal long term bullish continuation while a break below 9,000 would signal medium to long term bearish continuation. Likely, further consolidation in this triangle will occur before any breaks above or below those levels occur.
DISCLAIMER
This Content is for entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Posts constitutes a solicitation, recommendation, endorsement, or offer by MarketMotives or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
All Content on this post is speculation, opinion, and entertainment in nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Market Motives is not a fiduciary by virtue of any person’s use of or access to this Post or Content. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content on this Post before making any decisions based on such information or other Content. In exchange for using the Post, you agree not to hold MarketMotives, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this Post.
Comment:
So after further analysis, we are now biased that there will be a rejection from this current level with a breakdown of the current 9500 support.
Comment:
Breakout or Breakdown is imminent. There is now a triangle within the triangle and volume is telling us a major move will happen now. At this point we are once again revising to say that out opinion is that the move happens to the upside, however, not as explosive as people may think. Likely the price will trend in a "tight range" upward before ballooning next year.
Comment:
This is the channel we suspect BTC will follow from here.
This is the channel we suspect BTC will follow from here.