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Bitcoin bounced off the $10,000 area. The price struggled to regain momentum earlier after rejecting off the $13800 area.
The long-awaited correction target of thirty percent has been hit but yet again, Bitcoin has shown monumental resilience bouncing back by over $1,800 in a matter of hours. A buying frenzy at four figures resulted in a return above $11,000 as the correction seemingly came and went in one quick flash. The correction after the rejection off the $13800 gathered pace over the weekend and into this week with Crypto markets tumbling over $80 billion. The 30 percent figure has been bandied about for some time now as there have been eight corrections of similar magnitude during the last uptrend.
Despite certain criticism, Bitcoin is gradually emerging as a reliable store of value regardless of historical price fluctuations. Overall, the sentiment is shifting, and bears may reverse gains. Posting superior gains in the first half of the year, buyers will be back in control if there are upsurges above $14,000.
The price of Bitcoin is trapped by the dynamic level of 20 EMA, Tenkan and Kijun line as support which also broke above the Kumo Cloud resistance area. The price rejected off the $11,500 area but the pullback was not quite deep. Though $11,500 and $12,000 area may act as strong resistance, the price is expected to push higher towards $14,000 area. if Bitcoin breaks this level, it is likely to reach $15,000 and $20,000.
TRADE RECOMMENDATIONS:
Now Bitcoin is under the bulls' control. A break above $11,500 is more preferred. The bullish bias is currently quite strong and expected to sustain but corrections could bring better entries with lower risk and higher reward.
SUPPORT: 10000, 10500, 11,000
RESISTANCE: 11500, 12000, 13000, 14000
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
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