As i wrote about a month ago, technical analysts I was speaking with saw bitcoin setting a floor at $8K market and would build off that.
It bounced numerous times off the $8k mark and put a floor in at $6,500 before moving higher.
Now as the price has moved towards $11,000 I have asked the Wall Street technical analyst and a securities trader what their thoughts are for the rest of February.
The technician sees the price hitting $12,000 and then trading in a range. “I’m looking at a move up to $12K and then having to establish a floor near $10,500 before be able to go higher.”
“It’s good to see higher highs and higher lows over the last week,” said the trading vet. “This means a buying opportunity when you see a head and shoulders,” he added.