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RE: Bitcoin Trend / No. 515 / More Volume Is Needed To Get Through 12K
Great analysis. Price found buyer orders at $9400. As price has been moving up, it has been absorbing sell orders.
I anticipate price to continue making higher lows, but must deal with sell orders at $11600 as indicated in the red circle. However, as price has been moving up there are now stacks of demand orders forming as indicated in the white circles. These demand orders will serve as support.
In order for price to get to $17000, I anticipate another pull back if price can get through $12000 which will also be a nice buying opportunity.