Bitcoin reached the resistance line of the descending channel at $ 11,500 after the 50-day simple moving average. Yesterday, the currency reached a day high of $ 11147.99. We believe that the region between $ 11,400 and $ 12,200 will act as a strong resistance. Thus, adventurous traders should book profits on 50% of their trades at current levels and maintain a stop loss limit on the rest.
A $ 12,200 lockout will complete the upside-down head and shoulders pattern, which could push the price of Petequin against the dollar back towards $ 18,000.
The bulls will gain strength once the digital currency collapses below $ 9400. Until then, the situation is favorable for speculators to climb.
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