Moving to the technical aspects, the price is finding a around the 12000 handle, down to lows of 11180. We also have the 100 day moving average providing some support after the 55 day MA was broken. Coupled with very low indicators, this may be a forming. The lowest support may be provided by the 200 day moving average, if this gets broken prepare to short as I believe this may indicate the end of the bitbubble. However I will be looking for further confirmations from the fundamentals aspects to converge.
Further up there could be resistance found at 17300 (resistance one) and then 20000 (resistance two), 20000 should provide the strongest resistance. Again I will update with fundamentals if and when these levels are close. Early warnings are being formed by the lower high, to watch out for. The key lower low that indicates potential trend change has not formed as the same has held up, but we watch this closely.
To move forward, there is clear price pressure here. A range may form under fundamental pressures from the congested blockchain. If this was to occur, buying around these levels (12150) is warranted placing stops at 10500 to 10000. If the price moves up then move the stop to the entry price and take profit one will be around the one, take profit two around resistance two and the third take profit is kept in case thing improve and price breaks past the resistance with fundamentals easing and trend continues up. However the picture paints a scenario of ranging conditions – neutral.
Looking forward my favoured trades will be hunting for the tops. Depending on other aspects closer to the time I may be selling at the two resistance areas, or close by, again this depends on the network and other analysis closer to the time.