Join 66,953 users and earn money for participation
read.cash is a platform where you could earn money (total earned by users so far: $ 397,159.99).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
Takes one minute, no documents required
Bitcoin Price Breaks $12K, but Is It the Final Hurdle Before $15K?
Bitcoin's price rallied to $12,470, and if $12,000 holds as support, bulls will target prices north of $15,000.
In the previous weeks, altcoins gained momentum while Bitcoin (BTC) was hovering against the psychological barrier of $12,000. After a few weeks of consolidation, the price of Bitcoin finally broke the resistance zone of $12,000.
However, it’s uncertain whether the price will continue moving upward to $15,000 from here. Is the upside move a clear breakout or a fake-out intended to grab overhead liquidity?
The crucial part is defined in the red box as that’s the previous resistance zone through such a fake-out. This resistance zone got broken through in the recent move and has to sustain support if the price of Bitcoin wants to continue surging.
If the price of Bitcoin can’t find support on this resistance level at $12,000, the support/resistance flip can’t be justified and the price of Bitcoin drops back in the range.
The key support level to watch is the $11,500 area, as this is an untested level and previous range low. If the price of Bitcoin breaks back in the range between $11,500 and $12,000, it’s likely to be testing the exact opposite of the range.
In this case, we can define the exact opposite of $11,500. More likely would be a further continuation of range-bound movements in the coming weeks, which would suit altcoins even more.
The bullish scenario is similarly relying on the $12,000 barrier, as in this case, the support should be warranted on $12,000 to justify continuation.
If the $12,000 level continues to hold for support and a support/resistance flip is warranted, further continuation upward is likely to expect.
In such a way, altcoins will start bleeding heavily in their BTC pairs, as BTC retakes the spotlight. The next resistance zone for Bitcoin is defined at $13,000, but a further surge towards the $15,000–$17,000 zones is on the tables.
However, it’s all coming down toward the $12,000 level. Whether or not it grants support is going to move the markets in either way.