Bitcoin – BTCUSD Targets Resistance at 12,531
Βitcoin – BTCUSD retreats today giving up 0.86% at 11,869 with high volumes. Bitcoin capitalization stands above 211.6 billion while the market capitalization of the top 100 cryptocurrencies stands above 307.6 billion, today’s BTC volume is 22.2B.
The BTCUSD technical picture is bullish the last days after BTC breached the downtrend line which started in July 10th. Bitcoin has established a strong support at 9,250 zone. Immediate support for bitcoin stands at 11,000 the low from August 5th then at 10,701 the pivot point while more bids will emerge at 10,250 zone. On the up side strong resistance now stands at 12,298 the high from August 6th, while I expect extra pressure from sellers at 12,570 the high from July 9. I expect bulls to add to long positions if BTC breaks above the high (12,298), the take profit target must be set at 12,500 while a protective stop must be placed at 12,000. Bears can take a bet and enter a short position if BTC breaks below 11,500 mark; Shorts can target the 9,250 zone while a stop loss should be placed at 12,000.