Bitcoin is Hovering at key Resistance – Time for Bulls to Show Their Hand

 In Market News, Technical View

Bitcoin’s price is hovering at key resistance level $11,700-11,800 (see chart below) and now we are at a critical stage that allows bulls to take charge by pushing price above resistance level, which can easily trigger a quick run over the $12,000 level and up to our target at $13,500. On the other hand, a failure to take advantage of this opportunity can quickly send Bitcoin’s price back below the important $10,000 price level.

Back on February 2nd, we suggested our followers to buy Bitcoin just above the $8,000 level, when price recovered back into the declining wedge chart pattern (see chart below). Since then we were able to lock in some profits at resistance level, and continued to watch the coin as it formed a reverse head and shoulder pattern (see 3 yellow arcs on chart).

Currently, Bitcoin is trading at $11,050 level following another rejection from the $11,700 level and in case price will continue to decline, long traders should consider closing the trade on a break down below the $9,200 level (see stop loss level on chart).

Another issue, we are watching, is the sluggish trading volume, which is somewhat concerning, even though that might be expected as Bitcoin price starting to behave more normally following the hype we seen back in November-December 2017. In our view, we should see more trading volume once Bitcoin’s price cross above resistance level described above.

Recent Posts
Showing 11 comments
  • Joe
    Reply

    Hi to every single one, it’s truly a pleasant for me to go to see this web site, it
    consists of priceless Information.

    • Cyworldof26
      Reply

      Thank you Joe, we hope that you will make the best of it.

  • forexfury
    Reply

    Very helpful, thank you for keeping us up to date on your investing
    advancement.

  • minecraft
    Reply

    Hello, just wanted to mention, I liked this article.

    It was helpful. Keep on posting!

  • minecraft
    Reply

    Marvelous, what a web site it is! This web site presents helpful facts to us, keep it up.

  • minecraft
    Reply

    Hi, I want to subscribe for this website to obtain most recent updates, therefore where
    can i do it please help out.

  • minecraft
    Reply

    I feel this is one of the most significant info for me. And i am glad studying your article.

    But want to remark on few basic things, The web site taste is wonderful, the articles
    is really nice : D. Just right activity, cheers

  • 스포츠토토사이트
    Reply

    Hello, after reading this amazing article i am also happy to share my familiarity here
    with mates.

  • 바카라사이트
    Reply

    Hmm it looks like your blog ate my first comment (it was super long) so I guess I’ll just sum
    it up what I had written and say, I’m thoroughly enjoying your blog.
    I as well am an aspiring blog blogger but I’m still new to everything.
    Do you have any tips for inexperienced blog writers?
    I’d definitely appreciate it.

  • 카지노사이트
    Reply

    I’m still learning from you, as I’m trying to reach my goals.

    I definitely enjoy reading all that is posted on your website.Keep the information coming.

    I loved it!

  • judi poker 10rb
    Reply

    I like what you guys are up too. This sort of clever work and reporting!
    Keep up the excellent works guys I’ve added
    you guys to my blogroll.

Leave a Comment

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt

Start typing and press Enter to search