Will bulls push BTC back above $12K in the next few hours?

[exstasie]

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

Looks like it, but price is still hovering at the neckline of the H&S I've been posting about. Once we break the 2/19 high and hold above the neckline, I'm confident we can set our sights significantly higher than $12K. There is a lot of resistance and some major fib levels in the $14,500-16,000 area. That's my general target zone.

Bears still trying to make something happen at this log trendline:

[bitcoin31]

At this moment the price of the bitcoin increase at 11,500 dollars and maybe in the next few hours only the price become 12k dollars.
So hurry up because the price increasing again and that's good because not only we 12 k dollars we see also 20k this month.

[Crytptohack]

The last major high that BTC needs to get through on GDAX was 11.7K or so. If BTC breaks through and holds for 3+ days, it will be producing higher highs and higher lows on the daily chart. (The definition of an uptrend)

I'm not sure if BTC will be following the price action of last year, but if it does, a bullish run before summer may be in the cards...

[DonQuijote]

$12k could be a good break for btc

[JCO05]

BTC has been gathering momentun since price failed to break above $12K on February 20 and 21, will BTC make it this time though we haven't seen enough volumes to support the uptrend for now.

It is already on the 12k mark at this moment. Surely, crashes eventually are expected so holding will be necessary. MMaybe the continuous increase will happen on the last quarter of this year, the same with what happened last year. Bitcoin had a rough start this year qhich can be still felt at this moment. The best thing to do still is to invest and hold because huge pumps are on its way.

[1Referee]

I'm not sure if BTC will be following the price action of last year, but if it does, a bullish run before summer may be in the cards...

Don't think so, and it wouldn't make sense since the market at this point is much further than the market was last year before the bull run started. I think if we manage to steadily go up this year, we have done exceptionally well already, and perhaps there may be a smaller bull run as well. My personal target for this year is to at least hover over the $20,000 level and that's really it. My target last year wasn't even close to the $3000 level, and look at where we stand right now. It also depends on the developments that we might see happen this year. I think that an ETF or more LN progression will be a contributing factor as well. At the end of the day, a trigger is all we need, but the only question remains, what will be that trigger, and when will it kick in.

[pooya87]

it seems like $12k resistance is a big harder to break than anticipated here. price went to the previous high in last cycle of trying to break it ($11700) and now it is struggling. so far the good news is that the "dump" after it was not as big and it seems like $11k is holding nicely.
if it reverses up today and gets near $12k, it will be broken. otherwise we may see another downtrend possibly not going below $10k this time though.

[skorupi17]

it seems like $12k resistance is a big harder to break than anticipated here. price went to the previous high in last cycle of trying to break it ($11700) and now it is struggling. so far the good news is that the "dump" after it was not as big and it seems like $11k is holding nicely.
if it reverses up today and gets near $12k, it will be broken. otherwise we may see another downtrend possibly not going below $10k this time though.

Yes, in fact, Bitcoin did not even touched the $12k level the entire month of February (based from CMC). I assume that the $12k will be broken this month of March or early April(this is based from my analysis, obviously). The good holding of the current price is a good sign of a soon bull run IMO.

[exstasie]

Bears still trying to make something happen at this log trendline:

Bears really smacked price down off that log trend. The inverse H&S is no more. It's rare to see the pattern recover after this kind of failure:


It's probably time to think about selling the bounce if you weren't already stopped out. A confirmed lower high failure on the 4H chart will bring back previous targets in the $8,000s.

[TravelMug]

Ok. I guess the questions have been answered because we suddenly dip below $11K. I really don't know what really happen and I can only speculate that investors are just cashing out.

Although I'm still very bullish that $12K is not that hard to break, but I'm proven otherwise. The bears have somewhat regain control so I guess we need to wait at the end of the month to see that mental barrier of $12K can be broken.

[exstasie]

Ok. I guess the questions have been answered because we suddenly dip below $11K. I really don't know what really happen and I can only speculate that investors are just cashing out.

Investors are always cashing out. What's changed is a lack of new demand. Just yesterday from Bloomberg: Google Searches for Bitcoin Drop to Lowest Since October.

When price is rising, demand is seemingly endless. When price is dropping? Not so much.

Although I'm still very bullish that $12K is not that hard to break, but I'm proven otherwise. The bears have somewhat regain control so I guess we need to wait at the end of the month to see that mental barrier of $12K can be broken.

Yes, the ball is in the bears' court now. Sellers are in control. Now we wait to see where bulls react. We need a couple weeks time to see how the chart develops.

New lows and a pronounced failure of this consolidation should give us a week or two of solid downtrending. Target in the $8,000 area and potentially much lower after a bounce.

If we can form an intermediate low here at $9,280 or above (Bitfinex), then we are still in "bounce selling mode" until we see bulls form a higher low. But at least we won't have confirmed a firm downtrend.