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Bitcoin is trading in a bullish zone above the $11,650 level against the US Dollar. BTC is likely to accelerate higher once it clears the key $12,050 resistance zone.
- Bitcoin is gaining bullish momentum and it is approaching the $12,000 resistance zone.
- The price is forming a strong support near the $11,650 level and the 100 simple moving average (4-hours).
- There is a crucial bullish trend line with support near $11,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct a few points, but the price action suggests more gains above $12,000.
Bitcoin is Gaining Traction
In the past few days, there was a positive price action in bitcoin, Ethereum and ripple against the US Dollar. BTC remained well bid above the $11,200 level and the 100 simple moving average (4-hours).
It started a fresh increase from the $11,276 swing low and climbed above the main $11,500 resistance area. There was a break above a connecting bearish trend line with resistance near $11,600 on the 4-hours chart of the BTC/USD pair.
The pair retested the $12,000 resistance zone and it is currently consolidating gains. An initial support is near the $11,800 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,276 swing low to $11,977 high.
Bitcoin price testing $12,000. Source: TradingView.com
The main support is forming near the $11,650 level or the 50% Fib retracement level of the recent upward move from the $11,276 swing low to $11,977 high. There is also a crucial bullish trend line with support near $11,500 on the 4-hours chart of the same chart.
On the upside, a successful daily close above the $12,000 and $12,050 levels may perhaps open the doors for another rally. The next major resistance could be $12,400 or $12,600.
Dips Likely To Be Supported in BTC
If bitcoin starts a downside correction, it is likely to find support near $11,650 or $11,600. The breakdown support is near the trend line and the $11,500 pivot level.
A downside break below the $11,650 and $11,500 support levels could initiate a substantial downward move in the coming sessions. The next key support is near $11,200, followed by the $11,000 handle.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 55 level.
Major Support Level – $11,650
Major Resistance Level – $12,050
