Bitcoin price traded above the $12,000 resistance before starting a downside correction against the US Dollar. BTC is likely to remain supported above $11,650 and it could rise again.
- Bitcoin gained bullish momentum and it broke the $11,800 and $12,000 resistance levels.
- The price traded to a new weekly high at $12,066 and it is well above the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently correcting lower, but dips might find support near $11,800 or $11,650.
Bitcoin Price Surpasses $12K
In the last technical analysis, we discussed the chances of a break above $12,000 in bitcoin price against the US Dollar. BTC did gain bullish momentum above the $11,800 resistance and settled well above the 100 hourly simple moving average.
It even spiked above the $12,000 resistance and traded to a new weekly high at $12,066. It is currently correcting lower and trading below $12,000. There was a break below the 23.6% Fib retracement level of the recent upward move from the $11,528 low to $12,066 high.
However, the price is now reaching a strong support near the $11,800 level. The previous resistance and a broke channel resistance near $11,840 are likely to prevent more losses. There is also a key bullish trend line forming with support near $11,650 on the hourly chart of the BTC/USD pair.
<img alt="Bitcoin" class="alignnone size-full wp-image-436979"