It’s Decision Time for Bitcoin as Technicals Suggest a Crucial Breakout Pattern

2020-8-18 07:18

Bitcoin price is trading in a range above the $11,700 support zone against the US Dollar. BTC is likely to surge higher once it clears the main $12,000 resistance zone.

Bitcoin is trading in a positive zone above the $11,700 and $11,750 support levels. The price is facing a strong resistance near $12,000, but it is following the 100 hourly SMA. There is a crucial breakout pattern forming with resistance near $11,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain sharply once the bulls are able to clear the key $12,000 resistance zone. Bitcoin Price is Stuck in a Range

In the past few hours, there were positive moves in bitcoin above the $11,600 level against the US Dollar. BTC was able to climb higher above the $11,700 and $11,800 levels.

There was also a close above the $11,700 level and the 100 hourly simple moving average. However, the price seems to be facing a strong resistance near the $12,000 level. The bulls made more than two attempts to clear $12,000, but they failed.

The last swing high was formed near $11,987 and the price is currently trading near the 23.6% Fib retracement level of the upward move from the $11,273 low to $11,987 high.

Bitcoin price trades above $11,750. Source: TradingView.com

It seems like there is a crucial breakout pattern forming with resistance near $11,950 on the hourly chart of the BTC/USD pair. If bitcoin price breaks the triangle resistance and $12,000, there are chances of a strong upward move in the coming sessions.

On the upside, there is a short-term resistance near the $12,050 level. A successful close above the $12,050 level might open the doors for a run towards the $12,500 level in the near term.

Bearish Break in BTC?

If bitcoin fails to clear the $12,000 resistance zone, there could be a bearish reaction. The triangle support is near the $11,750 level and the 100 hourly SMA.

The main support is forming near the $11,650 and $11,600 levels. The 50% Fib retracement level of the upward move from the $11,273 low to $11,987 high is also near the $11,630 level to provide support. Any further losses could lead the price towards the $11,200 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.

Major Support Levels – $11,750, followed by $11,650.

Major Resistance Levels – $12,000, $12,050 and $12,200.

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bitcoin zone trading above support 700 clears

Источник: newsbtc.com

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