{"id":433922,"date":"2020-08-10T04:12:48","date_gmt":"2020-08-10T04:12:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=433922"},"modified":"2024-06-11T14:06:17","modified_gmt":"2024-06-11T14:06:17","slug":"bitcoin-just-broke-12k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-just-broke-12k\/","title":{"rendered":"Bitcoin Just Broke $12K To Start A Fresh Cycle of Strong Uptrend"},"content":{"rendered":"
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.<\/em><\/p>\n In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area<\/a> against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.<\/p>\n 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.<\/p>\n A new monthly high is formed near $12,084 and the price is currently consolidating gains<\/a>. 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.<\/p>\n <\/a><\/p>\n 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.<\/p>\n On the upside, the $12,050 and $12,100 are initial hurdles for the bulls. A successful break above the $12,100 level could open the doors for a push towards the $12,400 and $12,500 resistance levels in the near term.<\/p>\n If bitcoin starts a downside correction, the bulls are likely to protect dips near the $11,900 level. The first key support is near the $11,800 level, below which the price might continue to move down.<\/p>\n In the mentioned case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to take a stand.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n Major Support Levels \u2013 $11,900, followed by $11,800.<\/p>\n Major Resistance Levels \u2013 $12,050, $12,100 and $12,400.<\/p>\n","protected":false},"excerpt":{"rendered":" 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: TradingView.com 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. On the upside, the $12,050 and $12,100 are initial hurdles for the bulls. A successful break above the $12,100 level could open the doors for a push towards the $12,400 and $12,500 resistance levels in the near term. Dips Supported in BTC? If bitcoin starts a downside correction, the bulls are likely to protect dips near the $11,900 level. The first key support is near the $11,800 level, below which the price might continue to move down. In the mentioned case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to take a stand. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Levels \u2013 $11,900, followed by $11,800. Major Resistance Levels \u2013 $12,050, $12,100 and $12,400.<\/p>\n","protected":false},"author":67,"featured_media":433924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-433922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Gaining Momentum<\/h2>\n
Bitcoin price trades above $11,200. Source: TradingView.com<\/a><\/pre>\n
Dips Supported in BTC?<\/h2>\n