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Bitcoin Price Is Traded In An Upward Trend But Bulls Can Free Up $ 12K

  • The Bitcoin price trades above a few key foothills in the neighborhood of $ 11,800 against the US dollar.
  • The price could rise sharply if there is a successful cut above the $ 12,000 resistance.
  • There was a break above a large astringent triangle with resistance at $ 11,860 on the hour chart of the BTC / USD pair (data feed from Kraken).
  • The price shows positive signs, indicating high chances of an upside break above the $ 12,000 level.
  • Bitcoin price is struggling to erase the main resistance of $ 12,000 against the US dollar. However, the BTC price could rise higher as long as it is above $ 11,500 support.

Bitcoin price analysis

Recently there was a small downward correction in bitcoin price of the resistance of $ 12,000 against the US dollar. The BTC / USD pair was trading under $ 11,800 support. In addition, there was a break below $ 11,650 and the 100-hour simple moving average. The price, however, found a strong buying interest near the $ 11,500 support area. A swing low was formed at $ 11,495 and the price recently climbed higher.

There was a break above the $ 11,800 resistance and the 100-hour SMA. In addition, there was a breakthrough above a large astringent triangle with resistance at $ 11,860 on the hour chart of the BTC / USD pair. The pair even cleared the $ 12,000 resistance, but failed to stay higher. A swing high was formed at $ 12,077 and the price is currently correcting the win.

It was trading below $ 12,000 plus the Fib retracement level of 23.6% of the recent wave from the $ 11,495 low to $ 12,077 high. However, there is strong support at the $ 11,750 level and the 100-hour SMA. The 50% Fib retracement level of the recent wave from $ 11,495 low to $ 12,077 high is also quite supportive near the $ 11,786 level.

In addition, the demolished triangle zone could serve as a support in the neighborhood of $ 11,750. The most important support at the bottom is near the $ 11,500 level, below which the price could become bearish in the short term. On the positive side, there is a cluster of resistors near the $ 12,000 and $ 12,100 levels. That is why a successful closing of more than $ 12,000 is needed for a sustainable upward movement.

Bitcoin price analysis BTC graph

Looking at the graph, the bitcoin price keeps a number of key support points close to $ 11,750 and $ 11,700. That said, the price will only become bearish in the short term if there is a daily closing below $ 11,500. The positive side was that the bulls could focus on $ 12,300 and $ 12,500.

Technical indicators:

Hourly MACD – The MACD is currently showing negative signals in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.

Important support levels – $ 11,750 followed by $ 11,500.

Large resistance levels – $ 12,000, $ 12,100 and $ 12,200.

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