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    Bitcoin Price Weekly Analysis – Can BTC/USD Break $12,000?

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    Key Points

    • Bitcoin price is slowly moving higher and is currently trading above $11,000 against the US Dollar.
    • There was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
    • The price is likely forming a solid support base above the $10,500 level, which can be seen as a pivot level.

    Bitcoin price is preparing for further gains above $12,000 against the US Dollar. BTC/USD is now well supported on the downside at $10,500 and $10,200.

    Bitcoin Price Trend

    It seems like there is a decent support base forming above $10,000 in bitcoin price against the US Dollar. The price formed a bottom at $9,781 and it later started an upside move. BTC traded above the 23.6% Fib retracement level of the last drop from the $12,886 high to $9,781 low. It opened the doors more gains and the price was able to move above the $11,000 resistance.

    More importantly, there was a break above a monster bearish trend line with resistance at $11,000 on the 4-hours chart of the BTC/USD pair. The pair seems to be back in the bullish zone with a break above the $11,000 resistance. It is currently trading just above the 50% Fib retracement level of the last drop from the $12,886 high to $9,781 low. The next major resistance is around the $12,000 level and the 100 simple moving average (4-hours). A successful close above the $12,000 level could further spark upsides in bitcoin. Above $12,000, the next important barrier for buyers is at $12,800.

    On the downside, there is a bullish trend line with support at $10,500. Overall, the price remains well supported above $10,500 and it is poised for further gains.

    Looking at the technical indicators:              

    4-hours MACD – The MACD is slowly gaining pace in the bullish zone.

    4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level and is moving higher.

    Major Support Level – $10,500

    Major Resistance Level – $12,000

     

    Charts courtesy – SimpleFX

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