BTC - Think only for 12500 on closing basis and close above it bullish

  Toady's update : Now $13342   

 [image source: cryptocompare.com] 

After touching 14500 levels BTC moving to lower levels 12500 and now trading at 13342.

Again waiting for big support on closing basis 12500.

On daily charts showing some weakness and heading towards 12500.

Now BTC showing some weakness as all other currencies showing weakness. 

Its looks like they are testing patience of traders and want to cut their positions at lower levels.

Still expecting a huge bounce from lower levels so concentrated on lower levels.

Previous Post :

previously mentions big bounce and patience is the key for gain.

 After Breaking our levels BTC touched lower levels 12933 and now trading at 13667.

Its very near to our all time support on closing basis 12500.

On daily charts huge-huge support on 12500 levels.

These levels are consolidating levels for lower levels and will take short covering from here to upward direction.

Upper side Small resistance 14130 , where again bears are strengthen and again moving downside to touch lower levels near 12800-12500.

Breaking below 12500, then ready to touch 10500 levels. 

Below 12500 levels bitcoin can see more downside.

Now its time to test our patience and buy at lower levels and play with stop loss on closing basis.

Risk is their , so be cautious. Big momentum to expect next few days.

Bollinger Band

  [Image source : poloniex.com]

Bollinger Band channel squeeze and then open for downside and again at lower levels squeezing will start and then boom. Channel lowers to 13000 to 14600 now.

BTC can test lower levels, and one can play with stop loss for upper levels.

BTC support and resistance :

Same as previous post mentions, and  BTC has narrowing range as down break in bollinger band band and range of $16840 -$12500 exist till it will not break upward $14600 and down side  braked 12500. 

BTC has a good support at $12500 levels. Upside 16500 then 17000 and final 17750 level with strong resistance levels and Lower side 12500.

Here heavy selling can come and again short covering can make new highs for BTC.

My advice is to buy at low levels and sell on higher levels, play level to level as mention above.

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