One analyst is now noting that he believes Bitcoin is at a pivotal level, and how it trends from here may provide significant insights into its near-term trend.
He does add that he is long-biased while BTC trades above $11,500, but he also states that a rejection at this level could be enough to send it spiraling significantly lower.Bitcoin Shows Signs of Strength Following Overnight Upswing
After an extended bout of consolidation around $11,600, Bitcoin is beginning to show signs of strength as it pushes higher. The cryptocurrency is now trading up 1.5% at its current price of $11,850. This marks a slight decline from daily highs of $11,950 that were set overnight when bulls attempted to catalyze a movement towards $12,000. Throughout the past several weeks and months, the $12,000 level has proven to be incredibly strong resistance for the benchmark cryptocurrency. Buyers have tried and failed, on multiple occasions, to break above this level – with this being a sign of its significance. A sustained bout of trading below here could slowly degrade buyers’ strength and lead to further downside.Analyst: BTC Reaches a Pivotal Point
While speaking about its near-term outlook, one analyst explained that Bitcoin is currently at a pivotal point that will determine its near-term outlook for the foreseeable future.
He that while he is bull biased in the near-term, he is closely watching to see how it responds to its $12,000 resistance.“Here’s my BTC TA: 1) We’re are key pivotal area ($11’500 – $11’550). 2) Break below: $11’250$ support. 3) Upside continuation: $12k critical resistance. Biased towards upside until we lose 11.5k clean, side-lined currently waiting for development and potential dips.”
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Where the cryptocurrency trends in the near-term will likely depend entirely on its reaction to $12,000.
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