BTC setting up for a Bullish move to 12k
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 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 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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