Bitcoin price is stagnating under the $12,000 resistance level, and it is beginning to show signs of weakness. For the past one week, Bitcoin price is knocking at $12,000 resistance, but so far it has only faced disappointment. Fortunately, yesterday’s sharp move downwards towards $11,100 has been handled well by the bulls and price has moved back up near $11,800 mark.
The 1.272 Fibonacci level is at $12,100 and Bitcoin price has been repeatedly rejected from this level. However, bulls are relentless and not letting go of any opportunity to breach this higher resistance to push the prices higher.
Altcoin rally may push Bitcoin price higher
Altcoins, especially Ethereum, have rallied to new highs in the past few days. Ethereum has touched new highs at $436 after a sharp buying spree in the last 24 hours. However, the spillover effect hasn’t reached the BTC/USD price, and it is yet to make any sharp moves higher. Bitcoin is known to respond to altcoin rallies sluggishly. So, it’s a wait and watches the game.
There’s additional minor resistance staring at Bitcoin price at $12,400. Further higher, the next point to look forward to will be the $14,000 mark where massive resistance awaits BTC/USD pair. On the downside, there’s decent support at $10,650 price mark.
Bears are waiting to pounce if price stagnates longer
Technically, MACD is sloping slightly downwards on the daily chart. However, RSI is facing upwards with decent room above to make some bullish movement. Daily DMI is neutral and showing an upward bias if volume supports the BTC/USD pair. ADX line as not yet been approached by the bears and bulls are looking very much in control.
Trader Alan Masters points out that there’s a bullish cross on the MACD indicator. Failure to maintain the current levels would create a ‘Double Top’ formation on the charts. Such a bearish omen could push the BTC/USD prices lower towards the $10,650 levels.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
