The Bitcoin chart has become much more constructive in the last week as support near $9,300 held convincingly:
The next major resistance lies just above, between $11,800 and $12,200 – A breakout above $12,200 would target $17,000+ and likely result in a sharp move higher up into the $14,000s in a relatively short amount of time.
The meandering price action of the last six weeks has formed a head & shoulders bottom pattern with a neckline right around $12,000. This recent consolidation has also served to tremendously cool off market sentiment and build up potential energy which could be unleashed in the event of a technical breakout from the head & shoulders bottom.
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