Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight
technical analysis

Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight

THELOGICALINDIAN - There were abiding assets in bitcoin amount aloft the 11500 attrition akin adjoin the US Dollar BTC activated the aboriginal ambition of 12024 and it may anon ascend appear the 125K target

Bitcoin Price Analysis

Yesterday, we saw a changeabout arrangement in bitcoin amount from the $10,000 abutment adjoin the US Dollar. The BTC/USD brace fabricated a nice 15% move and climbed aloft the $11,000 and $11,200 attrition levels. Moreover, there was a abutting aloft the $11,200 akin and the 100 alternate simple affective average. We additionally discussed the chances of a analysis of the $12,000 attrition level.

The amount did ascend college and traded aloft the $12,000 target. A new intraday aerial was formed at $12,053 and the amount is currently acclimation lower. It is trading abreast the $11,800 akin and the 23.6% Fib retracement akin of the contempo beachcomber from the $11,035 low to $12,053 high. On the downside, there are abounding supports abreast the $11,600 and $11,500 levels.

Besides, there is a new abutting bullish trend band basic with abutment abreast $11,550 on the alternate blueprint of the BTC/USD pair. The trend band abutment coincides with the 50% Fib retracement akin of the contempo beachcomber from the $11,035 low to $12,053 high. If there is a downside breach beneath the $11,500 support, bitcoin amount could extend the accepted alteration appear the $11,275 abutment area. Any further losses ability advance the amount appear $11,000 or the 100 alternate SMA.

On the upside, the $12,000 akin is an antecedent resistance. Once there is a breach aloft the $12,000 attrition and the $12,050 beat high, there could be added gains. In the mentioned case, the amount could barter appear our additional ambition of $12,500.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is trading accurately aloft the $11,600 and $11,500 abutment levels. As continued as there is no abutting beneath $11,000, the beasts abide in action. On the upside, the capital ambition this anniversary could be $12,500, followed by $12,650.

Technical indicators:

Hourly MACD – The MACD is boring accident drive in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently acclimation lower appear the 50 level.

Major Support Levels – $11,600 followed by $11,500.

Major Resistance Levels – $12,000, $12,500 and $12,650.