Bitcoin has caught bullish momentum residing at the edge of $13,000 area.
Bitcoin has been in a firm uptrend for the past several months and has only recently found itself caught in a period of consolidation after it failed to break above its recently established 2019 high at $13,800. Looking at the closing candles when Bitcoin last broke the $13,000 resistance could indicate where it is going next. On the daily chart, both candles closed below this level despite bitcoin hitting a yearly high of $13,800. A close above $13,000 on the daily candle may spell another push to $14,000 or higher.
From an intraday low of around $12,100, it has turned into another thousand dollar day for Bitcoin adding 8 percent from that dip. Daily volume has pushed towards $30 billion as market capitalization has reached $230 billion. $14,000 is also a key level as there is very little resistance above this all the way up to $17,000, for further upward pressure Bitcoin must close above $13,000 with a daily close today to make any further headway. From a market dominance aspect, Bitcoin is doing even better and is at its highest share since December 2017. Total crypto market capitalization is currently over $350 billion with Bitcoin is solely responsible for most of those gains.
TRADE RECOMMENDATION
The price has been consolidating at the edge of the $13,000 area. The price trend is still bullish but the throwback towards $12,000 and $12,500 is likely to happen before the next upward trend. It may break above $13,000 area and head higher with the target towards $14,000.
SUPPORT: 11500, 12000, 12500
RESISTANCE: 13000, 14000, 15000
BIAS: BULLISH
MOMENTUM: NON-VOLATILE