- Bitcoin price is trading above a couple of important supports near $11,800 against the US Dollar.
- The price could rally sharply if there is a successful close above the $12,000 resistance.
- There was a break above a major contracting triangle with resistance near $11,860 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is showing positive signs, suggesting high chances of an upside break above the $12,000 level.
Bitcoin price is struggling to clear the key $12,000 resistance against the US Dollar. However, BTC price could climb higher as long as it is above the $11,500 support.
Bitcoin Price Analysis
Recently, there was a minor downside correction in bitcoin price from the $12,000 resistance against the US Dollar. The BTC/USD pair traded below the $11,800 support. Moreover, there was a break below $11,650 and the 100 hourly simple moving average. However, the price found a strong buying interest near the $11,500 support area. A swing low was formed near $11,495 and the price recently climbed higher. There was a break above the $11,800 resistance and the 100 hourly SMA. Moreover, there was a break above a major contracting triangle with resistance near $11,860 on the hourly chart of the BTC/USD pair. The pair even cleared the $12,000 resistance, but it failed to continue higher. A swing high was formed near $12,077 and the price is currently correcting gains.Besides, the broken triangle zone could act as a support near $11,750. The main support on the downside is near the $11,500 level, below which the price could turn bearish in the near term. On the upside, there is a cluster of resistances near the $12,000 and $12,100 levels. Therefore, a successful close above $12,000 is needed for a sustained upward move.