BTC is currently facing two scenarios and has been hit with a wall of resistance at 12K levels. A breakout occurred in the previous days, but that has printed a new which is now considered to be semi and may bring the bears back in control to drive price back down to the gap we have mentioned previously. Please have a look at why gaps are truly important in BTC price action in our previous analysis:
1. BTC would break out of this , and recover from yesterday's drop - we must stay above 12K.
2. A major trend reversal back into overbought territories is needed for breaking last years (2019) high.
1. Currently bears seem to be trying to take semi-control of the situation with this that we are seeing in our chart. This can mean a breakdown would confirm a small downtrend in the short term and 12K stays as minor resistance for the time being.
2. A break below 11K is setting up a higher probability for the gap at 9.7K to be filled faster than we anticipated.
Here's a previous analysis why we think Bitcoin is on a bullrun on the LONGER timeframe:
Either way, Bitcoin seems to be in our long term perspective, and we believe that whatever position you take, our analysis is showing that you can profit both from a shorting and longing perspective.