Bitcoin: Can't Break Resistance, So Headed to Support

Here is the quick Monfex market analysis update.  

Trend analysis 
The overall trend does not look too good for  Bitcoin . It keeps getting rejected after $12,000 and it may start settling down towards its  resistance level at $11,000. The hope for seeing Bitcoin break passed $12,000 to over $13,000 (if it reaches this it confirms a new upward trend) is starting to fade. Get ready for a strong pullback towards the resistance.  

The  RSI is showing a loss of momentum and a trip to the oversold range. The fast  EMA (100) still has an upward trend, but it is starting to make a move sideways and we may see a  bearish crosss over. 

What To Watch 
If the price goes under $11,500 it would break through the bottom trend line of the established long term trend and confirm a new short term trend channel going down. 

What To Consider 
If the price cracks $12,400 then we are in Bull country. At that point, we could be headed to $13,200 (strong resistance). But with the rejects at $12,000 we are most likely looking at a further  drop to the $11,000  support area .  

Active Trade Signal: 
- Sell (Put) at $11,600  
- Stop-loss at $12,000  
- Take-profit at $10,800  
- Risk/reward ratio: 1:3 (very attractive) 

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.