Bitcoin Price Posts Strong Weekly, Monthly Closes — Traders Eye $11.9K
Horus Hughes's original article for cointelegraph.com reduced by 46%
On Monday, Bitcoin bulls continued to push the price higher as the digital asset crossed above the $9,400 and $9,550 resistance levels to set a lower high slightly above $9,600. Bitcoin closed the month trading outside of the descending channel and the price is steadily pushing higher towards the 20-week moving average which currently resides at $9,800. The Bollinger Bands indicator shows that above the 20-WMA, Bitcoin price could extend to $11,890, whereas a strong downside break could push prices as low as $7,768.
Both the weekly and daily time frames show Bitcoin notching successive higher lows and the price is well supported by the 200-daily moving average. Bitcoin needs to gain above $9,575 or bears could set up shop and press the price to the 20-DMA and 200-DMA which are aligned at $8,722. The price has pulled back from the upper band and has now dropped to support at the 20-MA around $9,247 as the price range tightens.
Short-term price action aside, Bitcoin's setups on the monthly, weekly and daily time frame are exciting with a clear bull flag in sight.
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Summarised crypto news.