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The Bitcoin price is facing its final resistance zone until the bull market is on fire.

However, will BTC break through this resistance zone in one attempt?

The charts suggest that the $11,600-12,000 area is a crucial level to break if the BTC price is to continue moving higher. 

As the price of Bitcoin couldn’t break through that resistance zone, a slight drop occurred on Friday from $11,900 to $11,350, after which BTC has managed to pare most of the losses since.

BTC/USD is still fighting at the resistance zone at $11,800-12,000.

Unfortunately, no breakout just yet, while silver and gold have been showing more strength recently. 

The chart shows that there’s a clear resistance zone at $11,800-12,000.

This is a significant level as it is the final untested level until Bitcoin enters open air.

If there’s a breakthrough in this resistance zone, Bitcoin’s price can easily run toward $15,000-16,000.

Such a run would only increase the FOMO, or fear of missing out, in the markets. 

The bullish scenario for Bitcoin Breaking $12,000 underpins the bullish scenario.

If the resistance area finally breaks as resistance, $15,000 then becomes a likely target for the bulls. 

However, a clear breakout through the $12,000 area can only be confirmed with a support/resistance flip.

This would suggest that buyers are stepping in as the previous resistance transforms into new support. 

The bearish scenario for Bitcoin The bearish scenario means that $12,000 was not broken.

If the resistance continues to be resistance, a renewed range-bound structure will likely occur in the coming weeks. 

Another argument can be found in the forex markets.

The recent breakout of Bitcoin occurred while EUR/USD broke upwards from 1.14 to 1.19.

This breakout led to a drop of the USD against other currencies, which essentially triggered the massive breakouts in Bitcoin, gold, and silver prices. 

If EUR/USD starts to correct from 1.19 to lower numbers, the USD is getting stronger.

Such a relief bounce will most likely trigger a further corrective move on the crypto and commodity markets, leading toward the scenario described above. 

A range-bound period wouldn’t be bad for the markets, however, as altcoins have been doing relatively well in these times.

If Bitcoin’s price starts to correct, the focus could once again shift to altcoins. 

In other trending Bitcoin News today:

Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

Chainlink (LINK) price continues to set new records as the DeFi-related token surged 52% to reach a new all-time high at $13.8799 today. 

Over the last 24-hours, LINK has surged by 52%, rallying from $9.05 to as high as $13.8799 on Binance exchange. 

As Chainlink demonstrated a strengthening uptrend, its competitor Band Protocol (BAND), which also operates as a network for oracles, spiked 50% to reach a new all-time high at $14.30.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Bull divergence, BTC Dominance, expecting BTC to gain over alts in coming weeks. Waiting for the top indicator to reverse (detects volume movements). ETH currently more bullish than other alts. In that regard, I believe we’re in an era of dual pumpage.

— Willy Woo (@woonomic) August 9, 2020