RATE Group | Bitcoin Price Looks Poised to Retest Highs Above $13K
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Bitcoin Price Looks Poised to Retest Highs Above $13K

11 Aug Bitcoin Price Looks Poised to Retest Highs Above $13K

Posted at 09:41h in Bitcoin News by

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  • Bitcoin is looking north, with the daily chart reporting a bearish channel breakout following a six-week-long correction. A retest of highs above $13,000 could be in the offing.
  • The bullish case would strengthen if prices rise above $12,145, invalidating consolidation or exhaustion signaled by Wednesday’s candlestick pattern. A stronger confirmation of a bull revival would be a weekly close (Sunday, UTC) above $12,000.
  • A break below Wednesday’s low of $11,388 would weaken the bullish case. That level could come into play in the next 24 hours if the symmetrical triangle seen on the hourly chart is breached to the downside.

The bitcoin (BTC) market appears to have ended its six-week-long correction on Wednesday, making way for a retest of key resistance at $13,200.

The leading cryptocurrency by market value closed just above $11,940 on Bitstamp yesterday, confirming an upside break of the falling channel represented by trendlines connecting June 26 and July 10…

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