{"id":392293,"date":"2019-08-06T06:00:11","date_gmt":"2019-08-06T06:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=392293"},"modified":"2024-06-11T13:46:19","modified_gmt":"2024-06-11T13:46:19","slug":"bitcoin-price-btc-could-hit-12-2k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-could-hit-12-2k\/","title":{"rendered":"Bitcoin Price (BTC\/USD) Could Hit $12.2K Amid Strong Technical Bias"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended gains above the $11,500 and $11,700 resistances against the US Dollar.<\/li>\n<li>The price is currently correcting lower after trading close to the $12,000 resistance.<\/li>\n<li>There is a connecting bullish trend line forming with support near $11,540 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains in an uptrend and it could surpass $12,000 to test the $12,200 level.<\/li>\n<\/ul>\n<p><em>Bitcoin price is gaining bullish momentum above $11,500 against the US Dollar. BTC price might continue to climb higher towards $12,000 and $12,200 in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis (BTC\/USD)<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/wncen.com\/2019\/08\/05\/bitcoin-price-btc-up-8-dips-supported\/\" target=\"_blank\" rel=\"noopener noreferrer \">solid upward move<\/a> in bitcoin price above $11,200 against the US Dollar. The BTC\/USD pair even broke the $11,500 resistance and settled above the 100 hourly simple moving average. Later, the price climbed above the $11,700 resistance and traded close to the $12,000 level. Finally, a swing high was formed near $11,938 and the price recently corrected lower.<\/p>\n<p>It broke the $11,800 level plus the 23% Fib retracement level of the recent wave from the $10,830 low to $11,938 high. However, the decline found support near the $11,400 level. Moreover, there was no close below the $11,500 support level. At the moment, the price is trading nicely above the 50% Fib retracement level of the recent wave from the $10,830 low to $11,938 high.<\/p>\n<p>More importantly, there is a connecting bullish trend line forming with support near $11,540 on the hourly chart of the BTC\/USD pair. If there is a downside break below the trend line support and $11,500, there could be an extended correction. Additionally, the next major support is near the $11,250 level. It represents the 61.8% Fib retracement level of the recent wave from the $10,830 low to $11,938 high.<\/p>\n<p>On the upside, an immediate resistance is near the $11,800 level. Moreover, there is a connecting bearish trend line near $11,800 on the same chart. Therefore, a successful break above $11,800 might set the pace for <a href=\"https:\/\/wncen.com\/2019\/08\/04\/bitcoin-btc-price-weekly-forecast-can-bulls-aim-11-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">more upsides<\/a> above the $11,900 and $12,000 levels. Additionally, the next key resistance above $12,000 is near the $12,200 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392294\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis (BTC\/USD) Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-4.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly trading in a nice uptrend above $11,500 with a strong technical bias. Thus, if there are more upsides, the price could easily hit the $12,200 resistance level. Conversely, a downside break below the $11,250 support might push the price back towards the $10,800 support area.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level, with a bullish angle.<\/p>\n<p>Major Support Levels \u2013 $11,500 followed by $11,250.<\/p>\n<p>Major Resistance Levels \u2013 $11,800, $12,000 and $12,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended gains above the $11,500 and $11,700 resistances against the US Dollar. The price is currently correcting lower after trading close to the $12,000 resistance. There is a connecting bullish trend line forming with support near $11,540 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price remains in an uptrend and it could surpass $12,000 to test the $12,200 level. Bitcoin price is gaining bullish momentum above $11,500 against the US Dollar. BTC price might continue to climb higher towards $12,000 and $12,200 in the near term. Bitcoin Price Analysis (BTC\/USD) Yesterday, we saw a solid upward move in bitcoin price above $11,200 against the US Dollar. The BTC\/USD pair even broke the $11,500 resistance and settled above the 100 hourly simple moving average. Later, the price climbed above the $11,700 resistance and traded close to the $12,000 level. Finally, a swing high was formed near $11,938 and the price recently corrected lower. It broke the $11,800 level plus the 23% Fib retracement level of the recent wave from the $10,830 low to $11,938 high. However, the decline found support near the $11,400 level. Moreover, there was no close below the $11,500 support level. At the moment, the price is trading nicely above the 50% Fib retracement level of the recent wave from the $10,830 low to $11,938 high. More importantly, there is a connecting bullish trend line forming with support near $11,540 on the hourly chart of the BTC\/USD pair. If there is a downside break below the trend line support and $11,500, there could be an extended correction. Additionally, the next major support is near the $11,250 level. It represents the 61.8% Fib retracement level of the recent wave from the $10,830 low to $11,938 high. On the upside, an immediate resistance is near the $11,800 level. Moreover, there is a connecting bearish trend line near $11,800 on the same chart. Therefore, a successful break above $11,800 might set the pace for more upsides above the $11,900 and $12,000 levels. Additionally, the next key resistance above $12,000 is near the $12,200 level. Looking at the chart, bitcoin price is clearly trading in a nice uptrend above $11,500 with a strong technical bias. Thus, if there are more upsides, the price could easily hit the $12,200 resistance level. Conversely, a downside break below the $11,250 support might push the price back towards the $10,800 support area. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level, with a bullish angle. Major Support Levels \u2013 $11,500 followed by $11,250. Major Resistance Levels \u2013 $11,800, $12,000 and $12,200.<\/p>\n","protected":false},"author":67,"featured_media":379431,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-392293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC\/USD) Could Hit $12.2K Amid Strong Technical Bias<\/title>\n<meta name=\"description\" content=\"Bitcoin price is gaining bullish momentum above $11,500 against the US Dollar. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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