Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- Bitcoin price is still struggling to gain bullish momentum above the $12,000 resistance against the US Dollar.
- The price is likely setting up for the next break either above $12,000 or towards $11,500.
- There is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to accelerate higher once it clears the key $12,000 resistance level.
Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. BTC price could either rally above $12,000 or it might decline heavily below $11,500.
Bitcoin Price Analysis
Recently, we saw a few bullish moves above the $11,500 support in bitcoin price against the US Dollar. The BTC/USD pair even settled above the $11,600 level and the 100 hourly simple moving average. However, the price faced a strong resistance near the $12,000 level. Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed.
At the moment, the price is trading in a range above the $11,500 support. The last swing low was formed near the $11,657 before the price climbed above the 50% Fib retracement level of the recent decline from the $12,061 high to $11,657 low. However, the upward move remains capped near the $12,000 resistance. The price failed near the 76.4% Fib retracement level of the recent decline from the $12,061 high to $11,657 low.
More importantly, there is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC/USD pair. Therefore, the pair seems to be setting up for the next move either above $12,000 or below $11,700 in the near term. On the upside, the price is likely to accelerate higher once it clears the key $12,000 resistance level.
The next key resistance is near the $12,200 level, above which the price could surge above the $12,350 level. On the other hand, there is a strong support forming near the $11,700 and $11,500 levels. If the price continues to struggle near the $12,000 level, there could be a major bearish reaction. A daily close below the $11,500 support might spark a sharp slide.
Looking at the chart, bitcoin price is clearly struggling to gain bullish momentum above the $12,000 resistance. The next major break depends on the $12,000 resistance. The chances of a downside break are increasing, considering the number of failures near $12,000.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just below the 50 level.
Major Support Levels – $11,700 followed by $11,500.
Major Resistance Levels – $12,000, $12,100 and $12,200.
