BTC has tried to get through it high from the other day just shy of 12000 and not succeeded. Should it trade back below 11550 the technical picture looks like it will weaken to test 11400 and if that is penetrated then support levels at 10950 and
10450 are possible.
Should BTC trade above 12000 upside targets are difficult to see here. Momentum resistance levels can be seen at 12200 and 13500 and weekly at 14500.
As we approach the launch of CBOE's BTC futures contract on Sunday night I expect the market to get more volatile and some profit taking is probable. There is not a good indication of how many FCMs will allow clients access to the futures on day one and any indication of the interest of likely participants. Will they be buyers or short sellers? Time will tell as this takes place and the a week from Sunday the CME BTC futures open for trading. This will increase the potential number of market participants from this space influencing the price of BTC.