Bitcoin Technicals Becoming More Constructive

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.

 

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.

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