Bitcharts Issues ‘Breakout Watch’ on Bitcoin at $11,800
(NEW YORK)–Bitcharts issues watch on Bitcoin (BTC/USD) for $11,800 as a potential breakout trigger to the upside.
Bitcoin (BTC/USD) has been consolidating over the past month holding just above the $10,000 mark after its pull back from near $19,000 at the end of 2017. BTC had dropped to as low as $9100 in mid-January, with some long-term technical chartists calling major support around $8500 mark, or near its 200-day moving average.
BTC ability to hold above the $10,000 mark, even in the face of a number of major headwinds from countries looking to crack down on the crypto currency market, is a major bullish sign. For now a break above $11,800 to $12,000 could be a bullish break above possible ‘neckline’ in chart formed back in mid January and could trigger a short-term rally in BTC above $12,00 before pausing to consolidate just below the $14,000 mark.
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Still in the Beta stage, we plan to incorporate news coverage of the cryptocurrency market, with research analysis, interviews, and real-time chat feature with other cryptocurrency traders from around the globe. www.bitcharts.io
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