Bitcoin Prices Finding $11,000 A Difficult Target to Meet…Here’s Why
Not much has happened in terms of Bitcoin price movement lately, as the newswires have been dominated more by Bitcoin scams than anything else. The latest of the Bitcoin scams as reported by CryptoDaily UK involves a robbery in which three men misrepresented themselves to be Bitcoin brokers, and allegedly stole $365,000 in cash from a Malaysian citizen in Singapore in a botched Bitcoin for cash exchange.
Price action on the BTCUSD did not respond to the latest of these scams, which follows recent hackings and ransoms demands in Bitcoin. The lethargy in Bitcoin prices is also being felt elsewhere in the crypto market.
Technical Outlook for Bitcoin Prices
Bitcoin prices on the BTCUSD daily chart continue to trade within a tight range formed by the 9939.77 floor and the ceiling at 10465.78, with an intervening barrier at 10290.44. This is therefore a rectangle pattern in evolution. Price is currently challenging the 10290.44 intervening price barrier. If it clears this successfully, then the price ceiling will present itself to buyers as a notable resistance.
Bitcoin prices will need to clear this resistance to be able to aim for the next upside target at 10930.82. Above this level exists targets at 11209.44, and possibly at 11584.55, before the significant supply zone at 12000. Only when this supply zone is breached can we start to talk about the possibility of a price surge towards 12824.54, or 13163.48.
Downside targets below the price range exist at 9427.71, 9100.31 and 8874.49. These will all become potential targets if BTCUSD breaks down the floor of the existing price range. Suppose price clears the ceiling but fails to attain the distant resistant targets. In that case, every broken resistance mentioned above automatically becomes new support, and a possible downside target each time a push to the upside runs out of steam.