Bitcoin price is holding the $ 11,650 and $ 11,550 support levels against the US Dollar. BTC is currently recovering, but it must surpass the 100 hourly SMA to start a fresh surge.
- Bitcoin is still trading nicely above the $ 11,650 and $ 11,550 support levels, with positive signs.
- The price is likely to face a strong resistance near $ 11,950 and the 100 hourly simple moving average.
- There was a break above a crucial bearish trend line with resistance near $ 11,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above the $ 12,000 pivot level to start a fresh surge in the near term.
Bitcoin Price is Slowly Recovering
After a sharp downside correction, bitcoin price found support above $ 11,550 against the US Dollar. BTC remained well bid above the $ 11,550 level, but it settled below the 100 hourly simple moving average.
A swing low is formed near $ 11,581 and the price is currently recovering. It broke the $ 11,800 resistance zone, plus there was a break above the 23.6% Fib retracement level of the downward move from the $ 12,491 high to $ 11,580 swing low.
Moreover, there was a break above a crucial bearish trend line with resistance near $ 11,810 on the hourly chart of the BTC/USD pair. Bitcoin is clearly showing a few positive signs above the $ 11,800 level, but it is facing a strong resistance near $ 11,950 and the 100 hourly simple moving average.
Bitcoin price trades above $ 11,800. Source: TradingView.com
The 50% Fib retracement level of the downward move from the $ 12,491 high to $ 11,580 swing low is also near $ 12,035. Therefore, the bulls need to clear the 100 hourly SMA and then gain strength above $ 12,000 to start a fresh increase in the coming sessions.
In the mentioned case, the price could easily drift towards the $ 12,150 and $ 12,250 levels. The main hurdle is still near the $ 12,500 level for a larger upward move.
Fresh Decline in BTC?
If bitcoin fails to continue higher above the 100 hourly SMA or the $ 12,000 barrier, there are chances of a fresh decline. An initial support is near the $ 11,650 level.
The main support on the downside is near the $ 11,550 level. If there is a proper close below $ 11,550 and $ 11,500, there is a risk of a larger decline towards $ 11,200 or $ 11,000.
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $ 11,650, followed by $ 11,500.
Major Resistance Levels – $ 11,950, $ 12,000 and $ 12,050.