- Bitcoin got a mega boost past $11,000 paving the way for $12,000 level breach.
- A shallow recovery has revived the upward trend above the trendline.
Cryptoassets are back in the green after the correction from yesterday’s gains found balance. Bitcoin, for instance, is up over 2% on the day following the correction from the lows at $11,209 (on Coinbase). As discussed severally before, the declines from June highs embraced the support at $9,000.
The buyers took advantage of the lower price to increase their positions. As a result, Bitcoin launched an assault on higher levels above $10,000. Besides, the break out of the descending channel saw the bull’s confidence in the price shoot up. In turn, Bitcoin got a mega boost past $11,000 and the recent break breach above $12,000.
While the bulls had eyes on $13,000, diminishing buying power led to the formation of a high at $12,318. Moreover, lack of support at $12,000 saw the bears push Bitcoin under $11,500 support. At press time, a shallow recovery has revived the upward trend above the trendline. Bitcoin is exchanging hands at $11,723 but the main focus is on $12,000.
BTC/USD 4-hour chart
Chart source: Tradingview
As far as bullish signals are concerned, the 50 Simple Moving Average (SMA) gap above the 100 SMA continues to widen suggesting higher price consolidation as well as rising bullish influence. The Moving Average Convergence Divergence (MACD) defiantly stayed within the positive region. Likely bullish divergence to give Bitcoin a boost above $12,000 and encourage the bulls to increase their entries towards the coveted $13,000.
Bitcoin Key Technical Levels
Support Areas: $10,500, $11,200, $10,800, $10,000 and $9,600.
Resistance Areas: $12,000, $12,318 and $13,000.