Bitcoin price analysis: consolidation below $12000 ending?
BTC will make an abrupt move by breaking the continuity spectrum that currently shackles it, bound to an almost straight pattern.
Bitcoin’s fall from the twelve thousand dollars ($12,000) mark was a setback for most bulls- drowning their morale in the crypto-ocean. Furthermore, Bitcoin has been surfing in the eleven thousand dollar region, breaking support at eleven thousand five hundred dollars ($11,500) at one point.Bitcoin price chart by Trading View
Currently, BTC holds sixty-nine percent (69.5%) of market capitalization ratio that amounts to two hundred and nine billion dollars ($209B). While all of the cryptocurrencies combined, sum up to three hundred and one billion dollars ($301B) in fiat.
Bitcoin price analysis – Support/Resistance:
Bitcoin has eleven support lying between the range of eleven thousand five hundred ($11,500) to eleven thousand six hundred dollars ($11,600).
Bitcoin price chart by Trading View
That’ll station BTC owners to keep watch at the eleven thousand dollars ($11,000) mark which also happens to tag along with the fifty (50) day moving average (MA) line.
The relative strength index (RSI) is volatile between the sixty-four (64) to sixty (60) range. Bitcoin’s last bullish attempt is staying above the sixty (60) mark that is key support for its MA.
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