- After a nasty upward move, bitcoin price corrected below $12,000 against the US Dollar.
- The price towards the $10,400 support and recently started a fresh increase above $11,500.
- There is a major contracting triangle forming with resistance near $12,300 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to break to the upside above the $12,400, $12,500 and $12,800 resistance levels.
Bitcoin price is showing a lot of positive signs above $11,600 against the US Dollar. BTC could continue to gain momentum once it clears the key $12,500 resistance area.
Bitcoin Price Weekly Analysis (BTC)
This past week, bitcoin price traded higher sharply above the $11,000 and $12,000 resistances against the US Dollar. The BTC/USD pair even gained strength above the $13,000 level and traded close to the $14,000 level. A new 2019 high was formed near $13,875 and later the price started a sharp downside correction. There was a sharp dip below the $12,000 and $11,000 level.
Moreover, the price traded close to the $10,000 level and the 100 simple moving average (4-hours). Finally, the $10,400 level acted as a strong support and the price stayed well above the 100 SMA. A swing low was formed near $10,310 and the price recently started a fresh increase. It traded above the 50% Fib retracement level of the recent decline from the $13,875 high to $10,310 low.
