Bitcoin – BTCUSD Targets 12,500

Βitcoin – BTCUSD continues higher today adding over 3.67% at 12,239 with high volumes. Bitcoin capitalization stands above 218.1 billion while the market capitalization of the top 100 cryptocurrencies stands above 317.7 billion, today’s BTC volume is 23.2B.

The BTCUSD technical picture is bullish the last days after BTC breached the downtrend line which started in July 10th. Bitcoin has established a strong support at 9,250 zone. Immediate support for bitcoin stands at 11,000 the low from yesterday then at 10,769 the 50 day moving average while more bids will emerge at 10,250 zone. On the upside strong resistance now stands at 12,298 today’s high, while I expect extra pressure from sellers at 12,570 the high from July 9. I expect bulls to add to long positions if BTC breaks above the daily high (12,298), the take profit target must be set at 12,500 while a protective stop must be placed at 12,000. Bears can take a bet and enter a short position if BTC breaks below 11,500 mark; Shorts can target the 9,250 zone while a strict stop loss should be placed at 12,000.Don’t miss a beat! Follow us on Twitter.