Bitcoin Price Analysis: BTC Fails To Surpass $12,400 Resistance

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Bulls have been well in control of price action over the last few days as price levels rise 18% since the breakout mentioned in my previous analysis on Bitcoin. Bearish signs start have started to show as market price trades below a key resistance level at $12,400. Bitcoin Price 2-Hour Analysis On the 2 hour chart for XBT/USD, we can see the ascending channel formed as a result of the recent breakout taking price levels up to a key resistance level at $12,400. It’s likely that if BTC can surpass this resistance level price levels will attempt to break the yearly high around $14,000. Volume levels have been rising steadily throughout this newly formed uptrend which is a sign of strength. POC (Point of Control) sits at $11,700 just above the current market price at $11,650. This tells us that there’s a lot of buyers and sellers at this level,…

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