Bitcoin is Preparing for a Breakout
We have already noted twice this week that there is a high likelihood of Bitcoin dropping to $11,000. This was indicated by numerous factors, including bearish divergences formed on the indicators. And although we have not yet seen this mark, yesterday Bitcoin fell very close to this level - by $11,125.
Now RSI and Stochastic are well unloaded from the peaks and therefore their new rise is expected in the near future. An Ascending Triangle pattern has formed on the chart with resistance at $12,000. Buyers actively have been purchasing yesterday's fall, so the market was up to $11,300. It indicates that a large number of traders have entered the position. Also, the chart pierced the lower Bollinger band 4 times and now the price should reverse, taking into account the analysis of this indicator.
All of the above factors indicate that in the coming days we will see another round of growth. Most likely, it will first be in the $11,600 - $11,700 range, and then $12,000.
Now RSI and Stochastic are well unloaded from the peaks and therefore their new rise is expected in the near future. An Ascending Triangle pattern has formed on the chart with resistance at $12,000. Buyers actively have been purchasing yesterday's fall, so the market was up to $11,300. It indicates that a large number of traders have entered the position. Also, the chart pierced the lower Bollinger band 4 times and now the price should reverse, taking into account the analysis of this indicator.
All of the above factors indicate that in the coming days we will see another round of growth. Most likely, it will first be in the $11,600 - $11,700 range, and then $12,000.
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