Bitcoin (BTC) Price Trading Near Make-or-Break Levels

  • After a strong recovery, bitcoin price struggled to gain momentum above $12,000 against the US Dollar.
  • The price topped near the $12,050 level and recently corrected gains below $11,500.
  • There is a major bearish trend line forming with resistance near $11,700 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either surpass $11,700 and $12,000 or decline further below the $10,800 support.

Bitcoin price is facing a couple of strong resistances near $11,700 and $12,000 against the US Dollar. BTC must surpass the $12,000 barrier to continue higher towards the $13,000 level.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price started a strong recovery from the $9,700 swing support against the US Dollar. The BTC/USD pair climbed above the $10,500 and $11,000 resistance levels. The upward move was very positive since the price surpassed the $11,200 and $11,500 resistance levels. Finally, the price broke the $11,800 resistance and the 100 simple moving average (4-hours).

Finally, there was a break above the $12,000 resistance level, but the price failed to continue higher. A swing high was formed near $12,050 and the price recently corrected lower. It trimmed gains and declined below the $11,500 support level. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $9,650 swing low to $12,050 swing high. The decline was such that the price spiked below the $11,000 support level.

However, the $10,800 level acted as a strong support. Additionally, bitcoin stayed above the 50% Fib retracement level of the upward move from the $9,650 swing low to $12,050 swing high. At the moment, the price is consolidating near the $11,200 level and the 100 simple moving average (4-hours). On the upside, there is a major bearish trend line forming with resistance near $11,700 on the 4-hours chart of the BTC/USD pair.

If there is an upside break above the $11,700 resistance zone, there are chances of a fresh increase….

Source Link