Over the past few days, there has been a positive price action in BTC, ETH and other major altcoins, against the US Dollar. The BTC/USD pair remained well bid above the $11,200 level and the 100 simple moving average (4-hours). It started a fresh uptrend from the $11,276 swing low and traded above the main $11,500 resistance zone.
More importantly, there was a break above a connecting bearish trend line on the 4-hours chart of the BTC/USD pair, with resistance near $11,600. The pair retested the $12,000 resistance level and it is now consolidating gains. There is also a key bullish trend line on the same BTC/USD 4-hours chart, with support near $11,500. The 4-hours MACD for the pair is slowly gaining momentum in the bullish zone. Its 4-hours RSI (Relative Strength Index) is currently well above the 55 level.
On the upside, a successful daily close above the $12,000 and $12,050 levels may perhaps pave way for another rally. The next major resistance could be near the $12,400 level. A successful break above $12,400 could push the price towards $12,600 in the near term.
Conversely, if BTC starts a downside correction, it could find an initial support near the $11,800 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,276 low to $11,977 high. The main support is forming close to the $11,650 level or the 50% Fib retracement level of the recent rally from the $11,276 low to $11,977 high.
A breakdown support is also forming near the trend line and the $11,500 pivot level. A downside break below the $11,650 and $11,500 support levels could open doors for a substantial downward move in the coming sessions. The next key support is close to $11,200, followed by the $11,000 handle where the bulls could likely lose control.