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Industry news:
The United States and the United Kingdom lead the world in Bitcoin tweets.
Venezuela leads in the most negative Bitcoin tweets at a whopping 62%.
The United Stated is leading the world in regards to Bitcoin tweets according to new research by The TIE. The United Kingdom, on the other hand, takes up 10.5% of the tweets. The report said that the top six countries leading in Bitcoin tweets are the United States, the United Kingdom, Canada, Turkey as well as India. This is another indication that demand for BTC in US is expanding. Anyway, BTC is in consolidation phase for now and we focus on day to day price activity.
Technical Overview:
BTC has been trading sideways in past 10 hours at the price of $11.800. In my opinion there is potential for the downside today due to the broken rising wedge in the background and strong resistance on the test. The important resistance and round number are set at $12.000. The level of $12.00 must be cleared for any significant upward movement; otherwise sellers will take again control.
Orange rectangle – Resistance ($12.000)
Red lines – Broken wedge
Red rectangle – Support ($9.820)
MACD oscillator – Sell divergence
Pitchfork Median line (blue channel) – Strong resistance
Trading Recommendations:
BTC is trading in the consolidation phase and the best strategy at the moment is to sell at the important resistance. The level of $12.000 looks very attractive for sellers. Down target is set at the price of $9.820.
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