$12,500 Resistance Level For Bitcoin
Bitcoin is back on the move Friday, breaking above $11,800 after a Thursday of relative quiet on the spot market.
“Crypto has had a good run for about three weeks in a row, since late July,” said David Lifchitz, chief investment officer for quantitative trading firm ExoAlpha. “There is a current resistance level of $12,500 for bitcoin, which looks pretty normal as markets, even crypto, cannot go up in a straight line day after day.”
Indeed, over the past month, bitcoin reached a high of $12,130 before dipping. That signaled that a retrenchment will be likely before a move to further highs in 2020, according to Lifchitz. “A slight pullback could be even in the cards in the next couple of weeks but without any special bearish event, this shouldn't be worrisome and the next major move from here should be up,” he added.
“Crypto has had a good run for about three weeks in a row, since late July,” said David Lifchitz, chief investment officer for quantitative trading firm ExoAlpha. “There is a current resistance level of $12,500 for bitcoin, which looks pretty normal as markets, even crypto, cannot go up in a straight line day after day.”
Indeed, over the past month, bitcoin reached a high of $12,130 before dipping. That signaled that a retrenchment will be likely before a move to further highs in 2020, according to Lifchitz. “A slight pullback could be even in the cards in the next couple of weeks but without any special bearish event, this shouldn't be worrisome and the next major move from here should be up,” he added.
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