The BTC price could again reach a $ 12,000 mark, but the 11,500 – $ 12,200 range could be significant for it! It is crucial for BTC to crack the crucial resistance levels to touch $13,000 mark. Will BTC price still touch the $13,000 mark or will it be in the lazy zone? Let’s take a look at it in more detail.
BTC Price Analysis: The Monthly Chart of Bitcoin Price looks Promising
At the time of writing this, the BTC price is sitting at $11,680.5. It seems that the Bitcoin bulls are attempting to go past the $11,800 mark. The bullish movement arises after improving from levels imperceptibly above $11,630. Looking a few days back, the Bitcoin price increased amazingly and even reached a $12,500 mark. However, buyers began to drop elevation as bears pulled back the game and this could be one of the reasons that led to declines under $12,000 but at the same time support above $11,610 played a crucial role.
Now, the monthly chart of the BTC/USD price still looks promising. Neither the MACD nor the RSI is displaying bearish sell signals and this could be one of the influential reasons with which the BTC price could touch the important $12,000 mark once again. However, it currently seems to be of great difficulty for Bitcoin to leave the range between $ 11,500 – $ 12,200.
BTC Price Analysis – Can Bitcoin price break the resistance?
In the weekly price, the Bitcoin price could be struggling with the resistance between $ 11,500 – $ 12,200. This resistance has not been yet broken successfully in the past two weeks. Yes, a few days ago, the price did touch almost $12,500 but it failed to seize it completely. The MACD is still bullish on the weekly rate, but the RSI is gradually reaching overbought regions.
Now, the next 7 days could be crucial for the BTC price. If Bitcoin price fails to break the resistance between $ 11,500 – $ 12,200, the Bitcoin price may move back to the $11,300 mark. The following could be some of the most crucial resistance and support levels for BTC price.
So, the current Fibonacci Retracement Levels could be at:
- 0.236 (11,742.43)
- 0.382 (11,769)
- 0.5 (11,790)
- 0.618 (11,812.64)
- 0.786( 11,843.52)
While the above retracement levels show where the current BTC price might get support or resistance, there are no certainties the BTC price will stay there. This is why other support signals are often applied.
BTC Price Analysis – Is there a short-term correction to Bitcoin Price?
Now, if we closely analyze the daily BTC/USD price chart, then there are first bearish signs in the daily price. The Bitcoin price is in the bearish price pattern of the rising drive, while the RSI is displaying a bearish divergence. Besides, the MACD lines have passed bearishly and the histogram is also bearish.
However, it will be too early to predict anything about the correction. After all, the weekly and monthly price still looks very bullish. Therefore, the Bitcoin price could touch the 0.382 Fib level at $ 11,769, to make another attempt to break the resistance between $ 11,500 – $ 12,200. If this is broken, the BTC price can move to the golden ratio at $ 13,800 and before that can touch the important resistance 1 at $13,000.
The daily BTC price is between bearish and bullish from the past 24 hours so the golden crossover could be still intact. Currently, the 50-4h EMA at $11,800 seems to serve as support, but the BTC price must touch the $12,000 mark successfully in the next 48 hours to build more trust so that the progress towards $13,000 could gain a good momentum.