After the pullback, the Bulls may push up Bitcoin price to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.
Key Highlights:
- Bitcoin price broke out at $11,300 heading towards $12,900;
- BTC may pull back at $12,900 level;
- the Bulls dominated the Bitcoin market.
BTC/USD Medium-term Trend: Ranging
Resistance levels: $12,900, $13,400, $14,000
Support levels: $12,200, $11,600, $11,300
Several barriers have been broken by the coin such as $10,000, $11,300, $12,200 levels. Today, on the 4- hour chart, the Bitcoin price touched the resistance level of $12,700 level and pulled back.
The distance between the Bitcoin price and the two EMAs is increasing which is an indication of strong bullish momentum. The Bitcoin is trading above the 21 periods EMA and 50 periods EMA; this indicates a strong bullish trend. Nevertheless, the Stochastic Oscillator period 14 is above $75 and the signal lines bending down to indicate sell signal.
After the pullback, the Bulls may push up the coin to penetrate the $12,900 level and target $13,400 provided the resistance level of $12,900 does not hold. In case the just mentioned level holds, the price may begin consolidation.