As you can see, within the 11,600 - 13,000 zone there are multiple layers of resistance. The more times it has bounced off the resistance in the past, the stronger that resistance is. Here is my analysis of the strength of each resistance level.
$11,600 = 4 Occurrences (Yellow)
$11,900 = 4 Occurrences (Blue)
$12,000 = 1 Occurrence (Green)
$12,200 = 2 Occurrences (Red)
$12,800 = 1 Occurrence (Purple)
$13,000 = 1 Occurrence (Light blue)
Based on the personality of this recent bull run, we shouldn't stop long for any resistance EXCEPT for $11,900 and $13,000. $11,900 should provide the same amount of pain as $11,600 gave us, so expect a dip back down to $11,500 or so when it hits near $11,900.
At $13,000, we could see a correction judging by the reversal that happened last time we tried $13,000. There is a lot of fear at this level, and for a very good reason. If this worries you, I would suggest selling at $12,700 and waiting for Bitcoin to cross $13,100 before buying back in. Yes you will miss out on $400, but that's the price of insurance.
$11,600 = 4 Occurrences (Yellow)
$11,900 = 4 Occurrences (Blue)
$12,000 = 1 Occurrence (Green)
$12,200 = 2 Occurrences (Red)
$12,800 = 1 Occurrence (Purple)
$13,000 = 1 Occurrence (Light blue)
Based on the personality of this recent bull run, we shouldn't stop long for any resistance EXCEPT for $11,900 and $13,000. $11,900 should provide the same amount of pain as $11,600 gave us, so expect a dip back down to $11,500 or so when it hits near $11,900.
At $13,000, we could see a correction judging by the reversal that happened last time we tried $13,000. There is a lot of fear at this level, and for a very good reason. If this worries you, I would suggest selling at $12,700 and waiting for Bitcoin to cross $13,100 before buying back in. Yes you will miss out on $400, but that's the price of insurance.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.