Bitcoin Price Analysis: BTC Flirts With the 50% Fib Level at Under $12,000.


Bitcoin

Bitcoin Price Analysis: BTC Flirts With the 50% Fib Level at Under $12,000.

  • Bitcoin stages a recovery from $9,665 support stepping above $12,000.
  • Bitcoin upward correction is not finished as the technical picture stays intact.

Bitcoin recent recovery from lows under $10,000 stalled on trading slightly above $12,000 on Thursday. The gains come at time when the market is acutely volatile. The initial correction from highs around $13,800 found support at $9,665. The price did not, however, stay down for long as a recovery immediately ensued. The break above the 100 Simple Moving Average (SMA) 4-h propelled Bitcoin past key support turned resistance levels.

BTC/USD 4-h chart

Bitcoin Price Chart
Bitcoin Price Chart | source: Tradingview 

At the time of writing, Bitcoin is trading at $11,789 while flirting with the 50% Fib retracement level taken between the last swing at $13,880 to a swing low of $9,605. Although Bitcoin has corrected from $12,000, the trend that prevails is very positive. The short-term ascending trendline continues to offer support while the confluence created by both the Bollinger Band 4-h Middle and the 100 SMA at $11,000 offers significant support.

The Bollinger Band Indicators Bitcoin market being very volatile even though the upside is capped at $12,000. On the downside, apart from $11,000 support, extended declines could find cushioning at $10,000 and the recent support at $9,665. $9,000 remains a support target and a major one for that purpose.

Looking at BTC/USD on a technical perspective, upward correction is not finished. A break above $12,000 is expected before the close of the session on Thursday. This break is likely to boost Bitcoin towards $13,000 critical level according to the increasing divergence in the MACD. The indicator has crossed into the positive region after sliding to levels at -398 in the declines on Monday and Tuesday this week.

BTC Key Technical Levels

Key Support levels: $11,000, $10,000, $9,665 and $9,000.

Critical hurdles: $12,000 and $13,000.

MACD 4-h: Increasing divergence; a key indicator for stronger bullish momentum in the short-term.

 

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Bitcoin Price Analysis: BTC Flirts with the 50% Fib Level at under $12,000.
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Bitcoin Price Analysis: BTC Flirts with the 50% Fib Level at under $12,000.
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Bitcoin stages a recovery from $9,665 support stepping above $12,000. Bitcoin upward correction is not finished as the technical picture stays intact.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 125 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @