Bitcoin price started a solid upward move after completing its correction near $9,720. BTC to USD is now trading well above $11,500 and it could accelerate further towards $12,400 or $13,000.
- There was a strong rise in bitcoin price above the $11,400 resistance area.
- BTC/USD is likely to find support near $11,450 and a major bullish trend line on the 30-minute chart.
- The price is showing many positive signs and it could continue to climb towards $12,200 or $12,400.
Bitcoin Price Analysis (BTC to USD)
This week, bitcoin price started a fresh increase after forming a solid bottom near the $9,720 level. BTC/USD broke a few important resistances near $10,500 and $11,200 to move into a bullish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair clearly gained pace after it broke the $11,200 resistance and settled above the 25 simple moving average (30-minute).
It cleared the path for more gains and recently the price surpassed a connecting bearish trend line with resistance near $11,400. The price climbed above the $11,800 resistance and it even spiked above $12,000s.
A new weekly high was formed near $12,060 and the price is currently correcting gains. It traded below the $11,850 support plus the 23.6% Fib retracement level of the last wave form the $11,053 low to $12,060 swing high.
On the downside, there are a few key supports near the $11,550 level and 25 simple moving average (30-minute). The 50% Fib retracement level of the last wave form the $11,053 low to $12,060 swing high is also near the $11,550 level.
Moreover, the price is likely to find support near $11,450 and a major bullish trend line on the same chart. If there are more losses below $11,450, the price could revisit the $11,050 swing low.
On the upside, an initial resistance is near the $11,850 level and a connecting bearish trend line. A successful close above the $11,850 and $12,000 resistances might spark a fresh rally in bitcoin. The next stop for BTC to USD could be near the $12,400 or $13,000 level in the near term.
The market data is provided by TradingView, Bitfinex.
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