The Bitcoin markets are once again revitalized as price moved past a crucial resistance level near $12200. That said, we should not get too excited yet because today's candle still needs to close above $12200 before further upside can be expected.
We are likely to see some sideways action within the "new consolidation range" between $12200 - $13000 over the coming days ahead. So long as $12200 holds, we would expect buyers to move the price up to test the previous high of June 26 near $13700.
Now comes the catch -- if buyers fail to sustain a breakout from $13700, the market would likely succumb to a "Double Top Pullback", an extremely bearish trend reversal that could devastate the digital asset's recent parabolic phase.
We are likely to see some sideways action within the "new consolidation range" between $12200 - $13000 over the coming days ahead. So long as $12200 holds, we would expect buyers to move the price up to test the previous high of June 26 near $13700.
Now comes the catch -- if buyers fail to sustain a breakout from $13700, the market would likely succumb to a "Double Top Pullback", an extremely bearish trend reversal that could devastate the digital asset's recent parabolic phase.
