HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Just Broke $12K To Start A Fresh Cycle of Strong Uptrend

Altcoins 2020/08/10 06:12 by Aayush Jindal

Bitcoin is gaining momentum and it recently crossed $12,000 against the US Dollar. BTC is showing positive signs and it is likely to continue higher towards $12,400.

  • Bitcoin is trading in a nice uptrend above the $11,800 and $12,000 levels.
  • The price traded to a new monthly high at $12,084 and it is currently well above the 100 hourly simple moving average.
  • There was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower in the short-term, but dips are likely to remain well bid near $11,900 and $11,800.

Bitcoin Price is Gaining Momentum

In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.

As a result, the price broke the $12,000 resistance and it settled well above the 100 hourly simple moving average. During the rise, there was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair.

A new monthly high is formed near $12,084 and the price is currently consolidating gains. An initial support on the downside is near the $12,000 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

Bitcoin Price

Bitcoin price trades above $11,200. Source: TradingView.com

The main support on the downside is forming near the $11,900 and $11,800 levels (the recent breakout zone). It is close to the 50% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

On the upside, the $12,050 and $12,100 are initial hurdles for the bulls. A successful break above the $12,100 level could open the doors for a push towards the $12,400 and $12,500 resistance levels in the near term.

Dips Supported in BTC?

If bitcoin starts a downside correction, the bulls are likely to protect dips near the $11,900 level. The first key support is near the $11,800 level, below which the price might continue to move down.

In the mentioned case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to take a stand.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $11,900, followed by $11,800.

Major Resistance Levels – $12,050, $12,100 and $12,400.

0 Like(s)



You should also read...

Bitcoin 14/04/20 05:38 by Aayush Jindal
Bitcoin Lacks Momentum Above 100 SMA: Here’s Why Bears Are Comfortable
Bitcoin is currently correcting higher from the $6,559 swing low against the US Dollar. BTC price is now testing the 100 hourly SMA and it is likely to struggle near $6,960-$7,000. Bitcoin is slowly ...
Read More
Bitcoin 18/05/20 05:48 by Aayush Jindal
Bitcoin Poised To Surge Above $10K If It Holds This Crucial Support
Bitcoin is up around 4% and it is approaching the $10,000 resistance against the US Dollar. BTC price is likely to extend its rally above $10,000 unless it dives below the $9,500 support. Bitcoin is ...
Read More
Bitcoin 19/05/20 05:58 by Aayush Jindal
Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction
Bitcoin is currently correcting lower from the $9,950-$10,000 resistance zone against the US Dollar. BTC price is likely to bounce back as long as it is above the $9,500 support. Bitcoin is currently...
Read More
Bitcoin 08/07/20 05:58 by Aayush Jindal
Technicals Suggest Bitcoin Likely To Target Fresh Monthly High Above $9,400
Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily. Bitcoin is trading...
Read More
Bitcoin 21/07/20 05:58 by Aayush Jindal
This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon
Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone. Bitcoin is still struggling to...
Read More