Bitcoin update | Rejected at $11,800 (strong resistance)
As expected BTCUSD just about reached the strong resistance at $11,800 with a high at $11,750. What now? Continue the downtrend or just a pullback before higher highs?
BTC is already down over $1000 and the first support level is at about $10,300 and a major support level at $8500. If price reaches the zone between these two levels I will be looking for signs of a reversal or a continuation lower.
Ideally we will get a few 4hour closes in this zone and then a strong bullish candle closing high in the zone or outside.
A close below the zone will signal a continuation of the downtrend.
Technically we have still been in a down trend throught the last weeks' rally. If price can break the high at $11,750 and establish itself there then the trend will technically be an uptrend.
USD calendar
- FOMC meeting minutes at 2pm today
Watch for hawkish (good for USD) or dovish (bad for USD) statements. We might potentially get some good moves for all instruments measured in USD.
Happy trading!
This is not financial advice, everybody is responsible for their own trading. I am just sharing my own analysis of the markets.