Bitcoin found a new resistance at $11,700 price area after taking out the recent resistance level of $11,500 with stable bullish gains. The recent price action with the bullish gains has been quite stable and expected to sustain but a breakout and retest off the trend line support has already lead the bears to pressurize bulls in the process. Recent bullish gains are quite remarkable as of the recent South Korean regulatory issues still persisting in the market. The price is still inside the range of $8000 to $12,000 price area where no definite trend move is expected until the price remains inside the range. As of the current scenario, the price is expected to proceed lower towards $10,000 price area with some correction and volatility along the way. As the price remains below $12,000 price area the bearish bias is expected to continue further.
