Over the last 4 hours, Bitcoin has started to trace an uptrend against U.S.Dollar as the coin is again gearing up to cross $12k.
At 07:40 UTC, Bitcoin was hovering around $11500 and it saw a fall near $11453.83. Tracing a low swing there, the coin strongly recovered and reached as high as $11672.11. However, BTC couldn’t move above it and it traced a bearish trendline there.
The coin saw a higher low at $11522.80 and, it seems, BTC has seen another support level there and is rebounding currently. At 11:41:24 UTC, Bitcoin is at $11630.01 after an upward correction. In the last 4 hours, Bitcoin has surged by 0.51%.
- After yesterday’s massive price pullback, the 4-hourly chart shows a bit positive sign
- Bitcoin has recently found support at $11552, currently correcting up from there
- BTC went as high as $11672, but could not clear resistance above
BTC/USD Price Chart
BTC’s current price has just exceeded its 5-day SMA though is 0.64% lower than its 10-day SMA of $11705.58. Bitcoin seems to have formed a decent support level near $11500 and $11600.
Bitcoin Price Prediction & Technical Indicators:
Bitcoin’s technical indicators are manifesting a bullish picture for the coin as RSI of BTC/USD is at 60 and it points out to the upcoming overbought zone. While MACD is volatile enough and is in the bullish zone, though is heading for a bearish crossover. Bitcoin may see major resistance at $12,071.08 and support level at $11,087.99.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.