Bitcoin price traded above the $12,000 resistance yesterday and later corrected lower sharply. The BTCUSD pair is currently climbing higher after it tested the key $11,200 support area.
Yesterday, August 6, Bitcoin (BTC) price was in the bullish trend zone after breaking above the $12,000 overhead resistance. BTC bulls broke above the 12 and 26-day Exponential Moving Averages (EMAs) to reach the bullish trend zone. At the time of writing, the price of BTC is trading at $11,549 after the price corrected lower sharply. The downward trend was corrected at the support of the $11,200 price level.
On the upside, Bitcoin price will resume another bullish trend to retest or successfully break above the $12,000 overhead resistance. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which is an indication of a sell signal. On the downside, if the price of Bitcoin fails to break above the $12,000 level, there could be another decline towards the $11,500 or even the $11,200 price levels.
Looking at the 1-hour chart, BTCUSD price is in the bullish trend zone. Yesterday, there was a downward trend correction that saw the price of BTCUSD declined to a low of $11,200 level. The price of BTCUSD is now facing an uphill task near the $11,549 for a continuation of the bullish momentum. In the meantime, the MACD line and the signal line are below the zero line, indicating 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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