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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • 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.

Bitcoin Price Analysis BTC CHart

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.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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