Bitcoin - Intraday - We look to Sell at 11700 (stop at 12000)
The rally was sold and the dip bought resulting in mild net gains yesterday. resistance is located at 11700. Spikes (rejections) can be seen in both directions highlighting indecision. This has resulted in a large symmetrical triangle formation being posted on the intraday chart. Immediate signals are hard to interpret. Bias is mildly today but we need to see a break of 11100 to confirm the downward pressure. Preferred trade is to sell into rallies.
Our profit targets will be 10800 and 10500
Resistance: 11700 / 12000 / 12320
Support: 11100 / 10750 / 10000