Bitcoin has been struggling to regain momentum above $12,000 after the recent dip. The bearish bias could extend further on the grounds of the current price action which signals a retest of $10,000.
There is a direct correlation between the Bitcoin price rally and global economic turmoil. Different jurisdictions apply different monetary policies advocating for the stability of their economies and fiat currencies. In this context, President Trump is concerned about the US position when it comes to protecting the greenback. A conservative approach will suggest long positions once prices rally above $14,000. Besides, aggressive traders can buy the dips.
Bitcoin currently has another two to three years left of the uptrend during the ongoing market cycle. During the next bullish phase following another lull, BTC will be able to surpass gold as the planet's primary store of value asset.
Meanwhile, the price is expected to move lower as it is holding inside the Kumo Cloud resistance area despite the impulsive bullish pressures trying to push the price higher. Though the price is struggling to maintain the momentum as the dynamic levels like 20 EMA, Tenkan, Kijun and Kumo Cloud holding it as resistance. The price is expected to retest the $10,000-500 area again before a strong sustainable bullish trend is established. Analysts do not rule out a break above $14,000 and higher above $20,000 in the coming days.
TECHNICAL LEVELS:
SUPPORT: 10,000, 10,500, 11,000
RESISTANCE: 11,500, 12,000
BIAS: BULLISH
MOMENTUM: VOLATILE
