BTC Could Increase Sharply If It Manages To Clear the Key $1...
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BTC Could Increase Sharply If It Manages To Clear the Key $12,000 Resistance Zone

In the past session, the BTC/USD pair witnessed some positive moves above the $11,600 level. The BTC price was able to climb higher above the $11,700 and $11,800 levels. Additionally, there was a close above the $11,700 level and the price settled above the 100 hourly simple moving average (SMA).

However, the price seems to be facing a strong hurdle near the $12,000 zone. The bulls made more than two attempts to clear $12,000, but all proved futile. The last swing high was formed close to $11,987 and the price is currently trading near the 23.6% Fib retracement level of the recent uptrend from the $11,273 low to $11,987 high.

Notably, it seems like there is a key breakout pattern forming on the hourly chart of the BTC/USD pair, with resistance close to $11,950. The BTC price is now approaching the $11,900 zone. The hourly MACD for the pair is slowly gaining pace in the bullish zone. Its hourly Relative Strength Index (RSI) is currently close to the 50 level.

If the price breaks the triangle resistance and $12,000, there are chances of a massive upward move in the near term. On the upside, there is an immediate resistance close to the $12,050 level. A successful close above the $12,050 level might pave way for an increase towards the $12,500 level in the coming sessions.

Conversely, if the BTC bulls fail to clear the $12,000 resistance zone, there could be a bearish reaction. The triangle support is close to the $11,750 level and the 100 hourly SMA. Meanwhile, the main support is forming near the $11,650 and $11,600 levels. The 50% Fib retracement level of the recent uptrend from the $11,273 low to $11,987 high is also near the $11,630 level to provide support. Any further losses could lead the price towards the $11,200 level in the coming sessions.

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.