Bitcoin (BTC) Price Update: Small Pullback or Another Possible Crash?

Hi guys!

Bitcoin had a small pullback yesterday from the $11,800. I've mentioned this possible resistance level on my post yesterday with relation to the weekly chart.

On the larger time frame you can see that bitcoin might have some resistance on $11,800 price since there was some price action there in the past. So, this would be an interesting price to watch this week.

So, the question now is what's next?

BTC - Daily Chart

Tools used: Fib-Channel, Trendlines and Moving Average

I've pointed out several resistance price levels on the chart there which had quite a bit of a traffic. So far, the immediate support is holding quite well around $11,000 (0.786 fib channel). You can see the wick touched the support and immediately bounce off to the upside (so far).

Support Price Levels

If you take a look at the previous candle there, it looks like a hammer candle which signals a reversal of a trend (although the size is quite small). So, there is a probability that bitcoin might have a pullback and retest the support (fib channel) around $10,800.

If by any chance this current support ($10,800) breaks, the next support level is around $9,600 - $10,200 which was prior support in the past and support on the lower fib channel.

Happy trading guys! Hope you make lots of money today!

Disclaimer

You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!