I-Bitcoin Stalls Ngaphambi kwe-12,000 yeedola

UAzeez Mustapha

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Based on today’s performance, it appears as though that Bitcoin (BTC/USD) bulls are starting to lose traction. For the first time since the 21st of July, BTC has recorded a lower high as it struggles to break the $11,860 resistance.

Also, it has been observed that more than $4 billion have exited the market in the past 24 hours, which is a sign of heavy ‘profit-taking’ by traders.

Many have even gone as far as suggesting that the Bitcoin bull run is coming to an end.

I-BTCUSD-Itshathi yeYure ezi-4

Amanqanaba eBitcoin amaxabiso ukuze ubukele

On the 4-hour BTC/USD chart, it can be observed that the “whale pattern” talked about in a previous analysis, has now played out completely. As explained previously, a sideways movement is always expected to be seen whenever this pattern emerges.

That said, BTC could experience a modest retrace to the $11,370 region in the short-term where a bounce to the $12,000 target is expected to take place.

However, failure to bounce off that level could precipitate further declines and could send BTC to the $11,170 and subsequently the $11,070 levels. The furthest BTC is expected to reach in this retrace is the $10,800 region, a sustained drop below that level could overhaul the current favorable sentiment.

At press time, BTC is currently faced with the top of our ascending channel around $11,800. A clean break from that level could usher-in $12,000 immediately.

Imali iyonke yeNtengiso: $ 359.2 yezigidigidi

Imali yentengiso yeBitcoin: $ 219 yezigidigidi

Ulawulo lweBitcoin: 60.1%

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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