Bitcoin has broken out of the $12K ceiling! Remember this is the area where the majority of BTC hodlers are now profitable on their Bitcoin investments. That makes this area a point of resistance but BTC was building up to a breakout for the last two months. 😉
What's next?!?
If BTC can stay above $12K long enough to establish support levels it can continue to climb. Movements will come down to weak hands, hodlers wanting out, hodlers taking some profits, and of course a FOMO if we begin a parabolic move up!
Looking at the charts, this move began about a week after our golden cross and was expected. Generally a golden cross of those two moving averages is a bullish signal.
However, we're seeing that currently BTC has broken out of the upper band of the Bollinger bands which could mean we're overbought and will see a slight pullback in the next day or so.
We're also watching the volume movements and it looks like today we moved out of the trend of low volume. This is good as long as it can sustain or continue to grow. The truth is that a down trending volume usually means a breakout like we're seeing, so it was another bullish signal when combined with other indicators.
For now, we just enjoy the breakout! 😄
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.