Bitcoin is gaining momentum and it recently crossed $12,000 against the US Dollar. BTC is showing positive signs and it is likely to continue higher towards $12,400.
- Bitcoin is trading in a nice uptrend above the $11,800 and $12,000 levels.
- The price traded to a new monthly high at $12,084 and it is currently well above the 100 hourly simple moving average.
- There was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower in the short-term, but dips are likely to remain well bid near $11,900 and $11,800.
Bitcoin Price is Gaining Momentum
In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.
As a result, the price broke the $12,000 resistance and it settled well above the 100 hourly simple moving average. During the rise, there was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair.A new monthly high is formed near $12,084 and the price is currently consolidating gains. An initial support on the downside is near the $12,000 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.
Bitcoin price trades above $11,200. Source:The main support on the downside is forming near the $11,900 and $11,800 levels (the recent breakout zone). It is close to the 50% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.