The last dynamic drops on cryptocurrencies also affected Bitcoin, which in few days managed to fall below an important level of 10,000 USD. The end of the week, however, is more optimistic and it seems that rebound, which raised quotations to more than USD 11,000, may be the beginning of another upward impulse.
If growth continues, which currently seems to be the most likely scenario, the next target area for buyers will be the local resistance level located in the price region of 12,600 USD.
However, the demand side will not have an easy task when it comes to attacking the next historical maxima. Densely located resistance in the area of 12600, 14,600 and 16000 USD should effectively stop the bulls from direct increases.
Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.