Bitcoin price gained nearly 5% and it tested the $12,500 resistance against the US Dollar. BTC is currently correcting gains, but technicals suggest more upsides above $12,500.
- Bitcoin broke the main $12,000 resistance area to start a strong upward move.
- The price traded close to the $12,500 resistance and it is currently correcting gains.
- There is a key bullish flag pattern forming with resistance near $12,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rally if it clears the $12,380 and $12,400 resistance levels.
Bitcoin Price Breaks Key Resistance
Yesterday, we saw positive moves in bitcoin and discussed chances of an upside break above $12,000 against the US Dollar. BTC did gain momentum and surpassed the $11,850 resistance.
It opened the doors for an upside break above the $12,000 resistance level. The price broke the $12,200 resistance and settled well above the 100 hourly simple moving average. It traded close to the $12,500 resistance and it is currently correcting gains.
Bitcoin price trades above $12,200. Source:It seems like there is a key bullish flag pattern forming with resistance near $12,380 on the hourly chart of the BTC/USD pair. The main support is now forming near the $12,120 level or the 50% Fib retracement level of the recent rally from the $11,785 swing low to $12,479 high.