Bitcoin: 12000USD as Target for Buyers
XBT / USD KRAKEN:XBTUSD
Let’s use the daily chart and talk about the following:
– after a strong upward movement we got several candles as a consolidation
– we can draw a pennant chart pattern, which belongs to a continuation group of chart patterns
– if the price breaks the upper line of the pennant and the local swing high, the nearest target for buyers should be 12000USD
– MACD and DMI support a further upward movement
– RSI is in the overbought zone, and it is ready to give a solid bearish signal
Based on this information, we can expect that the price continues the upward movement and reach 12000USD as the 1st profit target for buyers. Probably, a short term consolidation is enough for the market, and we won’t see a deep correction toward 10000USD support zone . Anyway, opening long positions right now doesn’t look like a good idea, if we talk about swing and position trading. I think it will be better to wait for a pullback at least to 10500USD and open long positions following reversal signals. Of course, if your trading strategy allows you to enter the market right now, you have to follow your plan. I just share with you my ideas and how I’m going to trade.
If the price continues the upward movement and 12000USD resistance is reached, I would like to see a correction movement from this zone. It will be able to give a better entry point, and we will buy after the pullback in the direction of the main trend.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov