RE: Bitcoin Breaks $12K – And Drops Back To High $11’s

Bitcoin broke $12K a little while ago and then dropped back under $11000 where it is now at $11733 – where to go from here?

Bitcoin Just Broke $12K To Start A Fresh Cycle of Strong Uptrend

“In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.

As a result, the price broke the $12,000 resistance and it settled well above the 100 hourly simple moving average. During the rise, there was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair.

A new monthly high is formed near $12,084 and the price is currently consolidating gains. An initial support on the downside is near the $12,000 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.”

SavannahBTC Master Asked on August 10, 2020 in Bitcoin.
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1 Answers

I don’t think we’ll hold under $12,000 too much longer before we move up and beyond, price right now’s @ $11,900

Master Answered on August 10, 2020.
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