In today’s Bitcoin price analysis, BTCUSD is making an upward move to retest or break the $11, 200 price level. Will it soar to $12,000?
BTCUSD Price Chart
In retrospect, Bitcoin (BTC) price broke the $9,400 overhead resistance on June 21 and then made an upward move to the previous high. Bitcoin price was trading below the $9,400 overhead resistance for five days after which BTC bulls took charge in breaking the said level. Bitcoin price is likely to continue the rally if more buyers are introduced at the upper price level.
From the $9,400 price level, Bitcoin price climbed to a high of $10,813 as at the time of writing. Since June 19, the price of Bitcoin is making a series of higher highs and higher lows. A trend line has been drawn to ascertain the duration of the bullish trend. At the moment, Bitcoin price is in a bullish trend since the trend line remains unbroken.
Bitcoin price tests the trend line and makes an upward move above the trend line. It is assumed that the current uptrend has been technically terminated if the price breaks the trend line and another candlestick closes on the opposite side of it. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, an indication of a buy signal.
BTCUSD Price Chart
As the 1-hour chart shows, BTCUSD price is in a smooth uptrend. On June 22, the bulls met resistance at the $11,200 price level. As a result, BTCUSD price retraced to the support of $10,600 level. BTC bulls pulled back price above the Exponential Moving Averages (EMAs). Today, BTCUSD price is making an upward move to retest or break the $11, 200 price level.
On the upside, if BTC bulls break the $11,200 resistance level, BTCUSD price will reach a high of $12,000. In the meantime, the MACD line and the signal line are above the zero line which indicates is a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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