BTC setting up for a Bullish move to 12k

BTC setting up for a Bullish move to 12k

Bitcoin / Dollar BITSTAMP:BTCUSD


Bitcoin             whales coming back to the market and institutional investors start to invest heavily after paying taxes on their accumulated profit over the last year. BTC             formed a bullish flag that about to breakout with MPO             near 12,500$ level. However, if we break down for a deeper pullback we can expect a deeper correction, where currently falling exactly from 9500 resistance level and 78,6% Fibo. retracement to 8400$ level.
Bitcoin             bounce back and forth against the US dollar             during choppy trading on Friday, losing just a tiny bit. However, the $9750 level above should be resistance, and if we can break above there I think that the market will probably go looking towards the $10,000 level next. A break above that level should send this market towards the $11,500 level and possibly higher. Ultimately, there is more than enough support underneath to keep the market higher, but I recognize that the $9000 level underneath would be support, just as the $8800 level would be. I think that the market will continue to be one that you need to pay attention to and use small positions in. Looking at this market, I think that adding to a winning position is probably the only way to go. Do not put too much into this market at once.

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