Bitcoin finally took the $ 12,000 barrier – what’s next?


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Bitcoin finally took the $ 12,000 barrier - what's next?

Bitcoin finally took the $ 12,000 barrier – what’s next?

  • BTC broke through resistance in the $ 12,050 area, but is trading within longer-term resistance.

  • Technical indicators show no signs of weakness yet.

  • Support is located at $ 11,700.

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The bitcoin rate formed a bullish engulfing candle on October 20 and broke through an important resistance area.

On the eve of the crypto community with excitement expected the breakdown of the $ 12,000 level, and Bitcoin justified these hopes. The close of daily trading above $ 12,050 will be an important bullish signal, while closing the week above this level will further encourage Bitcoin optimists..

Bitcoin finally took the $ 12,000 barrier - what's next?

Bitcoin Attacked September Highs

The bitcoin rate (BTC) has formed a bullish engulfing candlestick and absorbed the previous highs, marked in the $ 11,600 area. After that, the price continued to rise and today is in the process of forming another bullish engulfing candlestick. The current high is at around $ 12,313 at time of writing..

The closing price of today’s candle could confirm a bullish breakout of the $ 12,050 area. This area has been a resistance since early August, aside from the false bullish breakout on August 17th. The final breakout of this level will be a significant bullish signal.

Technical indicators are not showing any signs of weakness yet, although the RSI is in the overbought zone.

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BTC chart. Source: TradingView

Despite the rally, the price is still within the important long-term resistance level around $ 12,250. It already drove away bulls in July 2019. Since January 2018, Bitcoin has not been able to close day trading above this mark. In addition, there is also a downward resistance line built from the above-mentioned July highs..

RSI and MACD indicators are signaling bearish divergence, although they still need confirmation.

In this regard, the fate of the future trend will be decided at the current levels and will depend on whether bitcoin breaks higher or rolls back. A week close above $ 12,250 would be an extremely bullish signal.

Bitcoin finally took the $ 12,000 barrier - what's next?

BTC chart. Source: TradingView

No signs of weakness

No price structure is highlighted on the short-term 6-hour chart. Moreover, even though the RSI is overbought, this index does not signal bearish divergence. Likewise, MACD is moving up.

The nearest support area is located at $ 11,200.

BTC chart. Source: TradingView

The 2-hour chart also shows no signs of weakening. The RSI started giving signals of bearish divergence, but then continued to rise and neutralized this divergence. MACD is growing too.

Immediate support (former resistance) is at $ 11,700. A potential upward support line, built from the base of October 16.

As long as trades are above this level, the likelihood of continued growth remains high..

Bitcoin finally took the $ 12,000 barrier - what's next?

BTC chart. Source: TradingView

Thus, while Bitcoin’s rally has become too aggressive, the price is not yet showing clear signs of weakening. As long as trades are above $ 11,700 and the upward support line, the trend will be viewed by us as bullish.

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.


All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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