kingretep
Long

Road past 10k resistance to 12k BTC

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
We've just seen a 5 day period of consolidation followed by a 48hr $1500 price hike in Bitcoin . More often than not, a prolonged period of consolidation resolves in a big upside move, and the greater probability is therefore that BTCUSD will continue to rise. I think we will hit some psychological resistance at the 10k level and am therefore looking for a good consolidation at current levels within the 9500 to 9800 range.

CME Bitcoin Futures are expected to launch around 11th December. I've set a target at 12k and I'll be revising my strategy and potentially looking to sell some positions around 10th Dec. During this period I anticipate resistance and consolidation at 10100, 10800, 11,200 and 11600 as these levels are similar to those bitcoin often meets with resistance based on previous breakouts to all time highs.

I've set a sell off area on the event of an unlikely retracement, in the region of 9,400 to 9,100.

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