Good morning traders. This early on a Monday I like to sit back and watch the bulk of you rushing in after the weekend. The difference is, most of you probably didn’t do that considering Bitcoin trading doesn’t sleep!!
Let’s look at the facts…
We had BTC mozy about for most of Friday and into Saturday, where it finally broke and went to about 13k. However, we have been watching it level back off to the 11.5k mark and stay around that area quite well.
Today will be another important test. We will look to see if btc will hold 11k and rumble back to 12k; again an important mark to hold.
So again, we find ourselves stuck in this 11k hangout zone. Let’s watch for the break again. BTC is definitely a NO PLAY at the moment. If you own some, consider a SELL until other confirmation.
LIVE LONG AND PROSPER TRADERS!!
Stuck in the doldrums today, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest.
The “V” shaped recovery in bitcoin (BTC) from Wednesday’s low has stalled below the $12,000 mark in the last 12 hours. Prices on CoinDesk’s Bitcoin Price Index (BPI) did rise to $12,045.09 at 15:14 UTC yesterday, before retreating to sub-$11,500 levels by 22:00 UTC.
The slide from the high of $12,045 was extended further to $10,988.79 in Asian hours today. However, bitcoin soon regained poise and rose to an intraday high of $11,808.49 (at 08:44 UTC).
As of writing, bitcoin is trading at $11,660. The world’s largest cryptocurrency by market capitalization has appreciated by 3.17 percent in the last 24 hours, according to data source OnChainFX. BTC is also up 27 percent from the week’s low of $9,199.59 (as per the BPI).
Read the full article here: Bitcoin Stuck at $12K
However, the price chart analysis says the immediate outlook is neutral and only two consecutive daily closes (as per UTC) above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern.