Bitcoin Holding The Support Line At $11,800 USD!
Bitcoin is resting nicely on it's support line currently at around $11,800 USD. We see a number of support lines all the way down to $10K and don't suspect it will test that far but we DO expect a little pullback yet to come.
For now things are quieting down a little as BTC establishes itself more and more above the $10K mark. Where it's sitting now is comfortably below that 98% profitable ceiling of $12,000 USD.
An eventual breakthrough of this temporary ceiling is expected but for now we will likely see another squeeze forming through sideways action followed by a move down (just a slight pullback). If that happens, it might be time to accumulate a bit more before we shoot through $12K!
The charts tell a similar story. We're moving sideways for now, holding $11,800. There are still plenty of bullish signals but we have noticed a tiny move in the 10 day moving average starting to dip.
For now this slight move down is nothing major but as it dips and the 50 day moving average closes the gap we tend to lean more toward a growing bear movement. For now we'll need to just be patient and watch closely!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.