Bitcoin has risen over 5% and has crossed the resistance zone of USD 11,500 against the US dollar. BTC has touched the $ 12,000 market and it looks like the bulls are taking over the crypto market.
- Bitcoin is gaining momentum bullish and has broken the USD 11,500 resistance zone.
- The price even traded above the $ 11,800 level and was above the simple moving average of 100 (4 hours).
- The BTC / USD pair's 4-hour chart (Kraken data feed) broke above a key contraction triangle with resistance close to $ 11,260.
- The pair is trading in a strong uptrend and could even rise above $ 12,200.
Bitcoin breaks $ 12,000
Bitcoin, Ethereum and ripple against the US dollar have risen sharply in recent days. BTC was even above the $ 11,200 level and the simple moving average of 100 (4 hours).
It opened the doors for further profits and the price recently rose above the $ 11,500 level. The bulls gained strength and the price surpassed the $ 11,800 mark. It even hit a new multi-month high at $ 12,000 and it seems the price could go up.
At the start of the rise, there was a break above a key contraction triangle with resistance close to $ 11,260 on the BTC / USD pair's 4-hour chart. The pair is currently trading in a good uptrend with immediate support near the $ 11,800 level.
Bitcoin price breaks $12,000. Source: TradingView.com
The 23.6% fib retracement level of the recent surge from $ 11,249 to $ 12,000 is also close to the $ 11,800 zone. The main support is now near the $ 11,600 level and a connecting bullish trend line on the same chart.
On the other hand, a successful daily close above the $ 12,000 level could potentially open the doors to a sharp rise above the $ 12,200 and $ 12,400 levels in the coming sessions. The next big resistance could be $ 12,800.
Dips could be limited in BTC
If Bitcoin starts a downward correction, buyers are likely to be found near $ 11,800 or $ 11,600. The 50% fib retracement level of the recent surge from $ 11,249 to $ 12,000 is also close to $ 11,614.
A downward trend below support levels of $ 11,600 and $ 11,500 could potentially open the doors to a larger decline towards the support zone of $ 11,200.
4 hours MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the level of 70.
Main Support Level – $ 11,600
Main resistance level – $ 12,000