This morning, Bitcoin price surpassed the $11,500 level, showing signs of strength as it approaches its next target of $12,000. The coin traded at a high of $11,700 during the day.
BTC Upside Confirmed, Headed Toward $12,000
The upside for BTC has been confirmed following its recent price movements. After holding above the $11,500 price level, the next stop would be $12,000 if the current trend continues. A major bullish trend has formed heading toward its daily peak of $11,700 for the second time today — this is the resistance level that needs to be tested. A major support level was established at $11,400.
For the next few hours, we’re more likely to see a drop in volatility compared to earlier, and a possible BTC price range is $11,500 to $11,600, which is in line with its 20-day moving average.
Source: Tradingview[1]
In addition, trading volume has picked up, so there are further gains to be had later today. This is also indicated by the MACD lines. If BTC manages to hold at around $11,600 like it’s doing now, then a move past $11,700 is just a matter of time in the short horizon.
>>Ripple Price Is Blowing Up – Keep Your Eyes On This Coin[2]
Looking at the Technical Indicators:
- Hourly MACD — Bullish signal
- Major Resistance Level — $11,700
- Major Support Level — 11,400
Featured Image: Depositphotos/© strelok
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References
- ^ Tradingview (www.tradingview.com)
- ^ >>Ripple Price Is Blowing Up – Keep Your Eyes On This Coin (cryptocurrencynews.com)
