Investors are Accumulating Bitcoins before another move to $ 12K
The resistance at 12K dollars thus seems to be a strong obstacle, as evidenced by the second rebound down from this area this month.
At present, however, it does not look bad at all on the market, because the mentioned RSI indicator, which was last time overbought on almost all TFs, has already been reset. We also have statistics here which confirms fact that Number of Bitcoin Whales are increasing and addresses with balances over 1K BTC hits a new record.
All of this suggests that accumulation is underway and that bitcoin will likely try to beat $ 12K again soon.
Technical analysis:
Current support at $ 11K
Key support at $ 10,500
Strong resistance at $ 12K
2x Rejection from the $ 12K area
If will be bitcoin rejected at $ 12K for the third time in the near future, it will probably mean a price reduction to $ 11K and possibly lower
1D MACD bearish divergence
At present, however, it does not look bad at all on the market, because the mentioned RSI indicator, which was last time overbought on almost all TFs, has already been reset. We also have statistics here which confirms fact that Number of Bitcoin Whales are increasing and addresses with balances over 1K BTC hits a new record.
All of this suggests that accumulation is underway and that bitcoin will likely try to beat $ 12K again soon.
Technical analysis:
Current support at $ 11K
Key support at $ 10,500
Strong resistance at $ 12K
2x Rejection from the $ 12K area
If will be bitcoin rejected at $ 12K for the third time in the near future, it will probably mean a price reduction to $ 11K and possibly lower
1D MACD bearish divergence
