BTC/USD at $12,000 as Bulls Regain Control
Bitcoin is well bid as it stages another assault of the final orange resistance zone before $20,000.
Bulls will note that the 14-day RSI bounced again at the key bull market support zone shaded in blue. They may also note the initial signs of a breakout in the 1-month RSI downtrend, perceived by some traders as an early sign of upside momentum.
The blue support zone has moved up from last week's analysis, with the top of the zone now in line with recent lows and the 50-day exponential moving average (EMA). Bulls might be eager dip buyers on pull-backs to this region.
Bears will note that the BTC/USD price has failed the bottom of the orange resistance zone on 3 recent occasions. Risk/reward might be favouring short positions with stop losses slightly above the top of the orange resistance zone. Therefore, traders might expect mounting stop loss congestion slightly above the top of this zone at ~$13,000.
With the 2020 US presidential elections around the corner, traders are likely anticipating an upcoming period of uncertainty and volatility in legacy markets.
That's all from me today.
If you want to connect, you can get me on twitter at @savdoescrypto.
BTSE regularly hosts the technical analysis of experienced BTSE traders. Please note that we neither endorse any analyses published nor give you financial advice. Please make any trading decisions based on your own research.
Our aim is to create a platform that offers you the most enjoyable trading experience. If you have questions or suggestions, please don’t hesitate to reach out to us at email@example.com or DM us on Twitter: @BTSEcom.