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.
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.
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.
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