BTC 12k fail

The bears have control.

The price failed to mount a challenge to 12k and ran out of buyers. The price broke through the channel and quickly broke the 11.2k levels. Despite a rally the 11.2 Jackel support turned into a Mr Hyde Resistance, with little appetite from the bulls, the bears took the floor and drove the price further below the 10.8 level.

In the short term the fib.23 levels offer some respite and a possible bounce off that 10.4k level is possible, but I think the bulls have been wounded and any increase will be sluggish.

On the downside, and negative FUD will put the game in the bears hand and a possible break of the major 10k level is possible.

I'm still bullish in the long term and would like to see another challenge of the 12k.