news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Bitcoin Price Weekly Analysis – Can BTC/USD Break $12,000?

Key Points

  • Bitcoin price is slowly moving higher and is currently trading above $11,000 against the US Dollar.
  • There was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The price is likely forming a solid support base above the $10,500 level, which can be seen as a pivot level.

Bitcoin price is preparing for further gains above $12,000 against the US Dollar. BTC/USD is now well supported on the downside at $10,500 and $10,200.

Bitcoin Price Trend

It seems like there is a decent support base forming above $10,000 in bitcoin price against the US Dollar. The price formed a bottom at $9,781 and it later started an upside move. BTC traded above the 23.6% Fib retracement level of the last drop from the $12,886 high to $9,781 low. It opened the doors more gains and the price was able to move above the $11,000 resistance.

More importantly, there was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair. The pair seems to be back in the bullish zone with a break above the $11,000 resistance. It is currently trading just above the 50% Fib retracement level of the last drop from the $12,886 high to $9,781 low. The next major resistance is around the $12,000 level and the 100 simple moving average (4-hours). A successful close above the $12,000 level could further spark upsides in bitcoin. Above $12,000, the next important barrier for buyers is at $12,800.

Bitcoin Price Weekly Analysis BTC USD

On the downside, there is a bullish trend line with support at $10,500. Overall, the price remains well supported above $10,500 and it is poised for further gains.

Looking at the technical indicators:              

4-hours MACD – The MACD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level and is moving higher.

Major Support Level – $10,500

Major Resistance Level – $12,000

 

Charts courtesy – SimpleFX

The post Bitcoin Price Weekly Analysis – Can BTC/USD Break $12,000? appeared first on NewsBTC.

No Comments

Post A Comment