Bitcoin Just Broke $12000 As Bulls Take Over Crypto Market

Bitcoin is up over 5% and it surged above the $11,500 resistance zone against the US Dollar. BTC touched the $12,000 market and it seems like the bulls are taking over the crypto market.

• Bitcoin is gaining bullish momentum and it broke the $11,500 resistance zone.
• The price even traded above the $11,800 level and settled above the 100 simple moving average (4-hours).
• There was a break above a crucial contracting triangle with resistance near $11,260 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair is trading in a strong uptrend and it could even surge above $12,200.

Bitcoin Breaks $12,000

In the past few days, there was a strong increase in bitcoin, Ethereum and ripple against the US Dollar. BTC even settled above the $11,200 level and the 100 simple moving average (4-hours).

It opened the doors for more gains and the price recently surged above the $11,500 level. The bulls gained strength and the price rocketed above the $11,800 barrier. It even touched to a new multi-month high at $12,000 and it seems like the price might continue to rise.

To start the increase, there was a break above a crucial contracting triangle with resistance near $11,260 on the 4-hours chart of the BTC/USD pair. The pair is currently trading in a nice uptrend, with an immediate support near the $11,800 level.

Bitcoin price breaks $12,000. Source: TradingView.com

The 23.6% Fib retracement level of the recent surge from the $11,249 swing low to $12,000 high is also near the $11,800 zone. The main support is now forming near the $11,600 level and a connecting bullish trend line on the same chart.

On the upside, a successful daily close above the $12,000 level may perhaps open the doors for a sharp increase above the $12,200 and $12,400 levels in the coming sessions. The next major resistance could be $12,800.

Dips Could Be Limited in BTC

If bitcoin starts a downside correction, it is likely to find buyers near $11,800 or $11,600. The 50% Fib retracement level of the recent surge from the $11,249 swing low to $12,000 high is also near $11,614.

A downside break below the $11,600 and $11,500 support levels may perhaps open the doors for a larger decline towards the $11,200 support zone.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining strong momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 70 level.

Major Support Level – $11,600

Major Resistance Level – $12,000

Via https://www.newsbtc.com/2020/08/02/bitcoin-btc-breaks-12000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-btc-breaks-12000