The Bitcoin bullish momentum is picking up as the Bitcoin price just broke through the $11,828 key resistance level I talked about in a previous Bitcoin analysis titled “Bitcoin Key Support Holds. Watch Out For This Next Move!“.
As of the time of writing this article, the Bitcoin volume is picking up rapidly and the bullish momentum is getting ready to push the Bitcoin price back up to the $12,000 resistance region.
While the bullish volume is still not as high as I would have loved it to be, I still believe this bullish trade setup is of high quality and we can expect the volume to continue to increase as the trade goes on.
Important Levels To Watch Out For
The first level I am currently watching to see how the Bitcoin price reacts with it is the $12,101 price resistance region.
This region is very important to the Bitcoin bullish trend because we have seen the Bitcoin price fail to break through on two previous occasions.
And on those two occasions, we saw a massive crash in the Bitcoin price back down to the $11,104 support region.
So for my bullish bias to be confirmed, I need to see that break and close above the $12,101 price resistance.
Likely Profit Targets To Aim For
For my profit targets, I am currently watching two key levels. The first one is the $12,438 resistance region.
This region was the previous highs of Bitcoin, and I believe this bullish trend is likely to drive the Bitcoin price back up to that region.
However, a break above that $12,438 previous highs, opens up the way for the Bitcoin bulls to continue pushing the price higher to the $13,000 price region.
My exact target would be the top of the ascending channel, and my reason for this second target is because this channel as been an important resistance region for the Bitcoin price in the past few weeks.
This makes that region a likely place for the Bitcoin bulls to face a lot of resistance and selling pressure from Bitcoin sellers looking to push the price back down.
You can be rest assured I will be keeping you up to date on my daily Bitcoin analysis as this moves develops.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.