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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Bitcoin Bulls Back In Driver’s Seat, More Upsides Above $12K Likely

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is up over 2% and it broke the main $11,560 resistance against the US Dollar. BTC is now struggling near $11,800, but it is likely to continue higher.

  • Bitcoin is gaining momentum, and it broke the $11,500 and $11,560 resistance levels.
  • The price is currently testing the $11,800 resistance and it is well above the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher above $11,800 as long as it is above the $11,560 support.

Bitcoin Price Gains 2%

Bitcoin price remained stable above the $11,350 and $11,400 levels. As a result, BTC gained bullish momentum above the $11,500 and $11,560 resistance levels.

The price even climbed above the $11,700 level and the 100 hourly simple moving average to move into a positive zone. It traded to a new weekly high at $11,839 before it started a downside correction. There was a break below the $11,750 level.

Bitcoin is now trading below the 23.6% Fib retracement level of the recent rally from the $11,425 low to $11,839 high. It seems like there is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

A successful break above the triangle resistance could increase the chances of a clear break above the $11,800 resistance. In the stated case, the price is likely to surge above the $12,000 resistance level in the near term. The next major resistance is near $12,200, followed by $12,500.

Downside Break in BTC?

If bitcoin fails to gain strength above $11,750 and $11,800 resistance levels, it could extend its downside correction. The first major support is near the $11,640 level since it is close to the 50% Fib retracement level of the recent rally from the $11,425 low to $11,839 high.

The main support is now forming near the $11,560 level (the recent breakout zone) and a connecting bullish trend line on the same chart. Any further losses could lead the price towards $11,450 or the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 60 level, with a positive angle.

Major Support Levels – $11,640, followed by $11,560.

Major Resistance Levels – $11,750, $11,6800 and $12,000.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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.

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