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Bitcoin - Will it explode ?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello traders, I hope you're all having an amazing Saturday.

Here's a Bitcoin chart on weekly and daily time-frame, as you can see we've had a bearish week after last's week surge to 12,000 USD.
On the weekly time-frame looks like BTC is still moving in-between two key levels that were covered in the past analysis. Last week we had a surge to the upside and we managed to break above the resistance level of 11,500 but the weekly candle still failed to close above which resulted with a huge bearish momentum during this week, coming back and retesting one more time the support region of 9600 which is now being rejected. As long as this support region holds, we should be underway for another push higher.

On the daily time-frame Bitcoin showed weakness exactly on the 12,000 USD level which was covered on the last weak's analysis, causing a huge reversal all the way back to 9600 region that correlates with a third touch of an ascending trend-line. Upon this move we've had three indecisive daily candles, thus I highlighted the 9600 level which is crucial for us to take into consideration as we could anticipate stop hunts toward this level however as long as we maintain above the trend-line on the daily we could shortly see another push towards 11,500-12,000.



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