Over the past few days, there has been a strong increase in the prices of BTC and few major altcoins. The BTC/USD pair even settled above the $11,200 level and the 100 simple moving average (4-hours). It paved way for more gains and the price recently surged above the $11,500 level.
Moreover, the bulls gained strength and the price rallied above the $11,800 barrier. It even rose to a new multi-month high at $12,000 and it seems like the price might continue to rise. This upward move started after there was a break above a crucial contracting triangle, with resistance near $11,260 on the 4-hours chart of the BTC/USD pair.
The BTC price is now trading in a nice uptrend, with an immediate support near the $11,800 level. The 4-hours MACD for the pair is now gaining strong momentum in the bullish zone. Its 4-hours RSI (Relative Strength Index) is currently well above the 70 level.
The 23.6% Fib retracement level of the recent uptrend from the $11,249 swing low to $12,000 high is also near the $11,800 region. On the upside, a successful daily close above the $12,000 level may perhaps set the pace for a sharp increase above the $12,200 and $12,400 levels in the coming sessions. The next major resistance could be close to $12,800.
Conversely, if BTC starts a downside correction, it is likely to find buyers near $11,800 or $11,600. The 50% Fib retracement level of the recent uptrend from the $11,249 swing low to $12,000 high is also near $11,614 acting as support.
Meanwhile, the main support is now forming close to the $11,600 level and a connecting bullish trend line on the same chart. A downside break below the $11,600 and $11,500 support levels may perhaps pave way for a larger decline towards the $11,200 support zone in the near term.