BTC/USD Eyeing The $12000 Strong Confluence Resistance Feb 19
Bitcoin retraced somewhat yesterday on bearish divergence and
today it pierced below the daily pivot point at 10600 but is now
back up above again with a close. It didn't reach the Kijun sen at
10325 or the channel floor for a test. Also the new Weekly pivot
point sits at 9925 just below the channel, today aligned with the
daily S1. This level would normally have a pull on price but since
we also have the important and untraded Monthly pp within reach
the latter seems to have the strongest pull right now.
Bulls would like to see price close above the daily R1 at 11100 which would
likely propel price to the 12000 level were we have the strong confluence
resistance (upper large channel/Monthly pp/Weekly R1/ S/R level and
the daily Kumo Cloud) Chances are that price will bounce lower from the
12000 level at a first hit and it could result in the first larger correction
since the 6000 bottom, normally to the 61,8 fib or if softer the 78,6 fib
of the whole upswing.
Overall, price is correcting slightly around 11000 but there still seems to
be many buyers stepping in on any minor drop. The bearish divergence
could still affect price and we could see further correction below 10250 which
would expose the Weekly pp. It is unlikely to see price drop below the
important 9500 S/R level before hitting 12000. A first sign of weakness
will be the breaching of the minor channel drawn on the chart.
today it pierced below the daily pivot point at 10600 but is now
back up above again with a close. It didn't reach the Kijun sen at
10325 or the channel floor for a test. Also the new Weekly pivot
point sits at 9925 just below the channel, today aligned with the
daily S1. This level would normally have a pull on price but since
we also have the important and untraded Monthly pp within reach
the latter seems to have the strongest pull right now.
Bulls would like to see price close above the daily R1 at 11100 which would
likely propel price to the 12000 level were we have the strong confluence
resistance (upper large channel/Monthly pp/Weekly R1/ S/R level and
the daily Kumo Cloud) Chances are that price will bounce lower from the
12000 level at a first hit and it could result in the first larger correction
since the 6000 bottom, normally to the 61,8 fib or if softer the 78,6 fib
of the whole upswing.
Overall, price is correcting slightly around 11000 but there still seems to
be many buyers stepping in on any minor drop. The bearish divergence
could still affect price and we could see further correction below 10250 which
would expose the Weekly pp. It is unlikely to see price drop below the
important 9500 S/R level before hitting 12000. A first sign of weakness
will be the breaching of the minor channel drawn on the chart.
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