Bitcoin Made the Run to 11K now it will be tested again!

Now that bitcoin has rallied back to 11k you can see when looking at the chart below that it is running into a bit of resistance.

The Next Level is Near

Last time I spoke about bitcoin the 11k area was the upside target. Looking at the chart you can see the trend line drawn at 11,100. That is the level we need bitcoin price to close above in order to have a shot at the August highs.

Ideally I'd like to see price close strongly above 11,200 on some kind of increase in volume. A true showing of buyers stepping in. On the flipside, if price fails at 11k and pulls back we are looking at 10,400 as the down side support, which is the level price just broke out from.

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I am grateful that price has been clinging to the 10-11K range. It is allowing me to accumulate a bit. I am "late to the game" on BTC hodling. I never paid it much attention until options for borrowing against it were made available. My interest now is to buy as much as possible in order to have a decent "credit line" as the price appreciates in the coming years.

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Hadn't really thought of it that way. That could prove to be quite fruitful!