open the doors for sharp increase<\/a> in the near term. The next target for the bulls could be $12,000 in the coming sessions.<\/p>\nDips Likely Supported in BTC<\/h2>\n If there is a downside correction, bitcoin is likely to find bids near the $11,000 and $10,800 levels. The main support is now near the trend line and $10,500.<\/p>\n
Any further losses could lead the price towards the $10,300 support zone. The next major support is near the $9,800 level and the 100 hourly simple moving average.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is currently losing strength in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting lower from the 70 level.<\/p>\n
Major Support Levels \u2013 $11,000, followed by $10,800.<\/p>\n
Major Resistance Levels \u2013 $11,400, $11,500 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin rallied over 10% and it broke the key $10,500 resistance against the US Dollar. BTC is now trading nicely above $11,000 and it seems like the bulls are aiming a test of $12,000. Bitcoin extended its rally above the $10,000 and $10,500 resistance levels. The price traded to a new monthly high at $11,422 and it is currently consolidating gains. There is a major bullish trend line forming with support near $10,8s00 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher towards the $11,600 and $12,000 levels in the near term. Bitcoin Price Gains Pace above $10,500 Yesterday, we saw a strong increase in bitcoin above the $10,000 resistance against the US Dollar. BTC extended its rally above the $10,200 and $10,500 resistance levels to settle above a couple of crucial hurdles. There was a break above the $11,000 level and the price settled well above the 100 hourly simple moving average. A new monthly high is formed near $11,422 and it is currently consolidating gains. It corrected lower below the $11,200 level. However, the 50% Fib retracement level of the recent rally from the $10,275 low to $11,422 high acted as a strong support near $10,850. There is also a major bullish trend line forming with support near $10,8s00 on the hourly chart of the BTC\/USD pair. Bitcoin price rallies 12%. Source: TradingView.com The trend line is close to the 61.8% Fib retracement level of the recent rally from the $10,275 low to $11,422 high. On the upside, the $11,500 level is a major hurdle for the bulls. A successful break above the $11,400 and $11,500 levels may perhaps open the doors for sharp increase in the near term. The next target for the bulls could be $12,000 in the coming sessions. Dips Likely Supported in BTC If there is a downside correction, bitcoin is likely to find bids near the $11,000 and $10,800 levels. The main support is now near the trend line and $10,500. Any further losses could lead the price towards the $10,300 support zone. The next major support is near the $9,800 level and the 100 hourly simple moving average. Technical indicators: Hourly MACD \u2013 The MACD is currently losing strength in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now correcting lower from the 70 level. Major Support Levels \u2013 $11,000, followed by $10,800. Major Resistance Levels \u2013 $11,400, $11,500 and $12,000.<\/p>\n","protected":false},"author":67,"featured_media":432427,"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-432425","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
Bitcoin Soars 12% & Smashes Crucial Resistance: Bulls Aim $12K<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n