Bitcoin has been suffering from some torrid downward movement this last few month, and with each slight bounce from oversold positions has hit a resistance blocking any move higher before resuming the trend continuation.
We all want to see Bitcoin head back towards the all time highs, but the reality is that we need to build some strength from a base line.
We need some solid support.
The low of February down to just below 6000 dollars is an obvious line in the sand.
It really is a key area that needs to hold if higher prices are ever going to come.
There could be a huge double bottom ready to form if the price of Bitcoin can bounce strongly from above 6000 dollars.
After it bounces we want to see continued strength. The normal things you would associate with strength are higher lows.
We want to see retraces back to test previous moves up, and buying appearing on the dips, creating higher lows.
Bitcoin Higher Levels
Then key to it all is to eventually break above 11500 dollars and hold above it.
This area is strong resistance that needs to be broken.
In addition to breaking ideally you want to see it re-tested once above, and bounce higher.
Support is not strong until tested more than once.
So keep an eye on this levels and watch for higher lows.