Bitcoin Price Drops 5% But Rebound Likely, Charts Suggest

 

View

• BTC has fallen more than $1,000 in the last 24 hours, establishing a bearish lower high at $12,061.
• A high-volume break above $12,061 is thus needed to revive the bullish view put forward by a bearish channel breakout seen in the 4-hour chart earlier this week. That would open the doors to $13,880.
• A move below Wednesday’s low of $10,830 would shift risk in favor of a drop to Tuesday’s low of $9,614.

Bitcoin’s (BTC) price needs to break above $12,061 to mitigate bearish pressure.
The top cryptocurrency by market value is currently trading at $11,200 on Bitstamp, representing a 5 percent drop on a 24-hour basis.
The price drop contradicts the bullish picture painted by technical charts – the hourly chart was reporting a high-volume bullish breakout in the European trading hours yesterday

Click here for complete news