08.07.201918:03 Forex Analysis & Reviews: Bitcoin analysis for July 8, 2019: nearing $12,000 for breakout or rejection?

Bitcoin has been quite impulsive with the recent bullish pressure after breaking above $11,500 area with a daily close. The price has been consolidating and correcting at the edge of $11,500 area for a while. This movement gained impulsive momentum after a strong break above had been observed.

Bitcoin was able to gain almost 3% within a few minutes' time and held steady at $11,900, which is the highest level the cryptocurency has traded at for the past days. As per the current market formation, bitcoin has yet to break above $12,000, so the trend isn't 100% bullish. This is a good reason: $12,000 has acted as a minor resistance level over the past few weeks.

One of the fastest rallies for Bitcoin was breaking $11,500 area. The the price held in this area for a particular amount of time and breaking above it washed away the bears residing at the edge. There are certain speculations that bitcoin could hit $14,000 by the mid of July but it is still quite indecisive as the price resides below $12,000 area with a daily close.

As of the current scenario, the price has been quite indecisive with the past 3 hours of price action which is expected to lead to certain retrace towards $11,500 again before the price attempts to break above $12,000 area. As per current momentum, a break above $12,000 can turn out to be false whereas certain pullback lower would enhance the upcoming bullish move for the further upward thrust in the process to target $14,000 and later towards $15,000 in the coming days.

TRADING LEVELS:

SUPPORT – 11,000, 11,500

RESISTANCE – 12,000, 12,500, 13,000

BIAS – BULLISH

MOMENTUM – VOLATILE