Bitcoin at key level

٢٢ ديسمبر ٢٠١٧

The $12700 level is very important to watch as this was the previous low prior to the rally that ultimately ended near 20k. Price briefly breached this level earlier today before rebounding. Was that a false break reversal or a break in market structure? If Bitcoin now goes on to take out the next key resistance zone between $15000 and $15800 then it would confirm that this was a false break and thus a bullish reversal signal. However, if there is acceptance below the $12700 then we could see further losses in the days to come.