Bitcoin Breakout: Above $11,000 Again
Price might have pulled back from the recent highs, but it looks like it is trying to make another push higher.
Price might have pulled back from the recent highs, but it looks like it is trying to make another push higher.
In Asian trade, BTC has reclaimed the $11,000 level and looks like it wants to make a run at $12,000. All this comes as price fell away more than 30% in a couple of days after getting vertical in a push to $14,000.
Yesterday, I was very interested in $10,000. As I mentioned, if it could hold we had to remain bullish. So now to see it hold and price bounce is exactly that you want to see if you’re a bull.
Technically we now take aim at the next swing high. That is really $12,000. As we can see on the chart below, price made a series of lower highs before it ultimately broke down. That is classic price action that we might even call a double top.
That said, when that level breaks and the swing high gets taken then that to me means the bulls are dominating. Above $12,500 would really be a strong break of that level and that would be my highest probability spot to get long.
The fundamentals haven’t changed in the last few hours. As I pointed out yesterday it is really a combination of a few things driver us here:
- Facebook’s Libra stoking interest in the sector
- The upcoming halving events
- Growing retail and institutional interest
Bottom Line: So for the time being it really looks like a matter of simply finding good spots to add risk, where we can clearly manage it. For me, I’ve already noted the key points to get long. I would be risking off $10,000 for the time being which is clearly a huge support level.
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