Bitcoin Temporary Ceiling Looks Set at $11,400 USD - $12K Next?
Despite a small gain yesterday, pressure continues to push Bitcoin down from above and seems to be establishing a (temporary) ceiling at $11,400 USD. The pressure to push it lower is there, but Bitcoin keeps fighting!
The bears and bulls are fighting over how high BTC can go. Looking at the last 9 days (those since BTC's confident push past $10K) $11,400 looks to be where the fight is taking place.
The good news is that despite this temporary hurdle, Bitcoin still looks bullish and strong. The 10 and 50 day moving average gap is growing further apart and BTC is still in the upper half of the bollinger bands.
This correction was expected and what is really great is that it hasn't pushed BTC below $10,000 USD! The next big move could come soon as BTC seems to have got it's swagger (volatility) back. Many are eyeing $12,000 as the next big pressure point, and that would make sense after we get over this $11,400 hurdle.
Good luck traders and hodlers!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.