BTC FOMO Could Surpass $12.4K This Week –

In my previous analysis, we looked at the strength of the new Bitcoin uptrend as price levels traded just below $11,000 resistance. Since then, bulls have been well in control resulting in further upside towards $12,000.

Bitcoin Price 1-Hour Chart

On the 1 hour chart for XBT/USD, we can see how Bitcoin price entered into a clear period of consolidation inside an asymmetrical triangle, stemming from $11,500 throughout the middle of July to the new range low at $9,100. Bulls have since regained control and managed to win a compelling breakout to the upside. This resulted in price levels returning back to where the period of consolidation begun at $11,500.

POC (Point of Control) has begun to move up on this breakout to the upside meaning there is a lot of buying pressure taking place throughout this uptrend.  This is a far cry from the buying and selling pressure seen throughout the period of consolidation, and will likely result in a sustainable uptrend with $9,100 remaining the…