BTC/USD Strongly Rejects $12,000 as Russia Announces Covid-19 Vaccine.
BTC/USD rejects $12,000 amidst a sell-off in 'safe-haven' metals following Russia's completion of a Covid-19 vaccine.
Traders will note that this is the second rejection of the bottom of the orange resistance zone at $12,000, further reinforcing its significance as a key level of resistance in the short-term.
Bulls are likely buyers on pullbacks to the top of the blue support zone and the 50-day exponential moving average, targeting a retest and eventual breakout of the $12,000 level.
Swing traders will be closely watching the 14-day RSI retracement, anticipating typical bull market support at around the 45-50 region and a continuation of the current bullish trajectory.
Bears might be eager shorters at current levels and on any retests of $12,000. Stop losses are likely to be tight, with possible congestion slightly above the $12,000 key resistance and above the top of the orange resistance zone at $13,000.
As BTC/USD trades higher with each successive month, traders will note the falling percentage of holders making a loss on their investment. With over 95% of holders now in the black, traders should be cognizant of the potential for protracted moves to the upside.
That's it for this week. If you're interested in hearing more of my thoughts, please find me on twitter at @savdoescrypto.
Until next week, take care and stay awesome.
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