BTC/USD PRICE ANALYSIS
We had forecast Bitcoin to reach the resistance line of the descending channel at $11,500, after breaking out of the 50-day SMA. Today, the cryptocurrency reached an intraday high of $11,147.99. We believe that the zone between $11,400 and $12,200 will act as stiff resistance. Therefore, the aggressive traders should book profits on 50 percent of their positions at the current levels and hold the rest with a trailing stop loss.A breakout of the $12,200 levels will complete an inverted head and shoulders pattern, which can propel the BTC/USD pair back towards the $18,000 levels.The bears will gain strength once the digital currency breaks down of $9,400 levels. Until then, it is bulls advantage.
DISCLAIMERS:
THIS #ARTICLE IS NARRATED FROM cointelegraph. This #article should not be taken as, and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.
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