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Bitcoin Price Analysis: BTC Likely To Gain Momentum Above $12K

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  • Bitcoin price is trading nicely above the $11,600 and $11,800 support levels.
  • The price traded as high as $12,086 and it is now well above the 55 SMA (H4).
  • There is a major bullish trend line forming with support near $11,820 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above $12,000 as long as the $11,600 support is intact.

Bitcoin price is currently trading in a bullish zone above $11,600 against the US Dollar. BTC could accelerate higher if there is a successful close above the $12,000 resistance.

Bitcoin Price Analysis

In the past few days, bitcoin price started a steady upward move from the $11,300 support against the US Dollar. BTC cleared the key $11,500 resistance to move back into a positive zone.

The upward move was such that the price climbed above the $11,600 resistance the 55 simple moving average (4-hours). It even broke the $11,800 level and traded to a new weekly high at $12,086. It is currently correcting lower and trading below $12,000.

The price is testing the 23.6% Fib retracement level of the recent upward move from the 11,133 low to $12,086 high. There is also a major bullish trend line forming with support near $11,820 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below the trend line support and $11,800, the price could correct lower towards the next key support at $11,600. It is close to the 55 simple moving average (4-hours), and the 50% Fib retracement level of the recent upward move from the 11,133 low to $12,086 high.

Any further losses may perhaps lead the price towards the $11,500 support zone. Conversely, the price might start a fresh increase above the $12,000 resistance. The price is likely to accelerate above $12,200 and $12,250 once there is a proper close above the $12,000 level. The next major resistance is near the $12,500 zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading in a positive zone above the $11,600 support and the 55 SMA (H4). Overall, the price is likely to continue higher above $12,000 as long as the $11,600 support is intact.

Technical indicators

4 hours MACD – The MACD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.

Key Support Levels – $11,800 and $11,600.

Key Resistance Levels – $12,000, $12,200 and $12,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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