THELOGICALINDIAN - Bitcoin amount is trading with a absolute bent aloft 11500 adjoin the US Dollar BTC amount is assuming absolute signs and it could billow aloft 12024 and 12200
Bitcoin Price Analysis (BTC/USD)
After tagging the $11,200 support, bitcoin amount started a appropriate acceleration adjoin the US Dollar. The BTC/USD brace climbed college steadily aloft the $11,500 and $11,800 attrition levels. Moreover, the brace bankrupt the $12,000 attrition and the 100 alternate simple affective average. However, the amount bootless to abide aloft the $12,150 and $12,200 levels. As a result, there was a downside alteration beneath $12,000.
The amount traded as low as $11,454 afresh and it is currently affective higher. It traded aloft the $11,650 akin additional the 50% Fib retracement akin of the contempo abatement from the $12,167 aerial to $11,454 low. Moreover, the amount bankrupt the $11,800 resistance. However, bitcoin beasts assume to be adverse a able attrition abreast the $12,000 level. Additionally, the 76.4% Fib retracement akin of the contempo abatement from the $12,167 aerial to $11,454 low is acting as a resistance.
There is additionally a acute application triangle basic with attrition abreast $12,000 on the alternate blueprint of the BTC/USD pair. Therefore, an upside breach aloft the $12,000 attrition ability accessible the doors for added assets in the abreast term. The abutting key resistances are $12,150 and $12,200, aloft which the amount could advance aloft $12,500.
On the added hand, if the amount continues to attempt abreast the $12,000 resistance, there could be a downside reaction. The capital abutment are abreast $11,650 and $11,500. If there is a breach beneath the $11,500 support, the amount could retest the $11,200 support.
Looking at the chart, bitcoin amount is trading with a absolute bent aloft the $11,500 and $11,650 level. Having said that, a able abutting aloft the $12,000 akin is bare for upside continuation. In the mentioned bullish case, the amount could ascend appear the $12,500 and $12,850 levels in the abreast term.
Technical indicators:
Hourly MACD – The MACD is currently 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 – $11,650 followed by $11,500.
Major Resistance Levels – $12,000, $12,150 and $12,200.
