{"id":392638,"date":"2019-08-09T06:00:03","date_gmt":"2019-08-09T06:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=392638"},"modified":"2024-06-11T12:54:14","modified_gmt":"2024-06-11T12:54:14","slug":"bitcoin-price-btc-in-uptrend-can-bulls-clear-12k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-in-uptrend-can-bulls-clear-12k\/","title":{"rendered":"Bitcoin (BTC) Price Is Trading In Uptrend But Can Bulls Clear $12K?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is trading above a couple of important supports near $11,800 against the US Dollar.<\/li>\n<li>The price could rally sharply if there is a successful close above the $12,000 resistance.<\/li>\n<li>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).<\/li>\n<li>The price is showing positive signs, suggesting high chances of an upside break above the $12,000 level.<\/li>\n<\/ul>\n<p><em>Bitcoin price is struggling to clear the <a href=\"https:\/\/wncen.com\/2019\/08\/08\/bitcoin-price-btc-usd-targets-fresh-weekly-high-above-12-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">key $12,000 resistance<\/a> against the US Dollar. However, BTC price could climb higher as long as it is above the $11,500 support.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>It traded below $12,000 plus the 23.6% Fib retracement level of the recent wave from the $11,495 low to $12,077 high. However, there is a strong support forming near the $11,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent wave from the $11,495 low to $12,077 high is also a decent support near the $11,786 level.<\/p>\n<p>Besides, the broken triangle zone could act as a support near $11,750. The <a href=\"https:\/\/wncen.com\/2019\/08\/07\/bitcoin-price-btc-usd-is-holding-uptrend-support-but-12k-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer \">main support on the downside<\/a> 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.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392639\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-7.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 holding a couple of important supports near $11,750 and $11,700. Having said that, the price will only turn bearish in the short term if there is a daily close below $11,500. On the upside, the bulls could target $12,300 and $12,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently showing negative signs in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently placed nicely above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $11,750 followed by $11,500.<\/p>\n<p>Major Resistance Levels \u2013 $12,000, $12,100 and $12,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. It traded below $12,000 plus the 23.6% Fib retracement level of the recent wave from the $11,495 low to $12,077 high. However, there is a strong support forming near the $11,750 level and the 100 hourly SMA. The 50% Fib retracement level of the recent wave from the $11,495 low to $12,077 high is also a decent support near the $11,786 level. 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. Looking at the chart, bitcoin price is holding a couple of important supports near $11,750 and $11,700. Having said that, the price will only turn bearish in the short term if there is a daily close below $11,500. On the upside, the bulls could target $12,300 and $12,500. Technical indicators: Hourly MACD \u2013 The MACD is currently showing negative signs in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently placed nicely above the 50 level. Major Support Levels \u2013 $11,750 followed by $11,500. Major Resistance Levels \u2013 $12,000, $12,100 and $12,200.<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-392638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Is Trading In Uptrend But Can Bulls Clear $12K?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to clear the key $12,000 resistance against the US Dollar. 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