Bitcoin price analysis; It is possibly heading towards $12,000

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Finally, the bitcoin market analysis shows as if it is going to try to go looking towards the price of $12,000 level above, which is an area that has shown resistance before and it is a large, round, psychologically level that will attract lots of attention. This is an area where there will be a lot of selling in the short term, but if we can break above the recent high, then there will be the possibility of a move towards the $13,000 level after that.
At this point, the analysis shows as if the $11,000 level offers significant support, as it does for several weeks. Moreover, the 50 day EMA is starting to approach that level as well, so that gives is yet another reason to think that perhaps the market is going to continue going higher. With the decline in the value of the US dollar, it makes sense that we will continue to see Bitcoin attract a certain amount of attention, as it is starting to trade quite a bit like a commodity. The large portion of the Bitcoin community does not interested in the idea that Bitcoin is essentially the same thing as gold, but at the end of the day it trades the same. In other words, the following US dollar is by far the biggest driver of price going higher.
If we were to turn around a break down below the $11,000 level, then it is likely that we could go down towards the $10,000 level which of course has a major psychological ramifications when it comes to the markets, especially as it had been so significantly resistive previously. The 200 day EMA is starting to reach towards that area as well, so at that point it will only solidify the support. The bitcoin price analysis suggests to buy dips in this market because of continued downward pressure in the greenback, probably lasting several months, if not years as the Federal Reserve has raised the bar for tightening monetary policy.
 

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