THELOGICALINDIAN - Bitcoin amount is trading in a acute ambit beneath 12024 adjoin the US Dollar BTC amount could either assemblage aloft 12024 or it ability abatement heavily beneath 11500
Bitcoin Price Analysis
Recently, we saw a few bullish moves aloft the $11,500 abutment in bitcoin amount adjoin the US Dollar. The BTC/USD brace alike acclimatized aloft the $11,600 akin and the 100 alternate simple affective average. However, the amount faced a able attrition abreast the $12,000 level. Moreover, there were abounding attempts by the beasts to affected the $12,000 hurdle, but they failed.
At the moment, the amount is trading in a ambit aloft the $11,500 support. The aftermost beat low was formed abreast the $11,657 afore the amount climbed aloft the 50% Fib retracement akin of the contempo abatement from the $12,061 aerial to $11,657 low. However, the advancement move charcoal capped abreast the $12,000 resistance. The amount bootless abreast the 76.4% Fib retracement akin of the contempo abatement from the $12,061 aerial to $11,657 low.
More importantly, there is a new application triangle basic with attrition abreast $11,920 on the alternate blueprint of the BTC/USD pair. Therefore, the brace seems to be ambience up for the abutting move either aloft $12,000 or beneath $11,700 in the abreast term. On the upside, the price is acceptable to advance higher already it clears the key $12,000 attrition level.
The abutting key attrition is abreast the $12,200 level, aloft which the amount could billow aloft the $12,350 level. On the added hand, there is a able abutment basic abreast the $11,700 and $11,500 levels. If the amount continues to attempt abreast the $12,000 level, there could be a above bearish reaction. A circadian abutting beneath the $11,500 abutment ability atom a aciculate slide.
Looking at the chart, bitcoin amount is acutely disturbing to accretion bullish drive aloft the $12,000 resistance. The abutting above breach depends on the $12,000 resistance. The affairs of a downside breach are increasing, because the cardinal of failures abreast $12,000.
Technical indicators:
Hourly MACD – The MACD is boring affective into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloof beneath the 50 level.
Major Support Levels – $11,700 followed by $11,500.
Major Resistance Levels – $12,000, $12,100 and $12,200.
