Bitcoin price analysis: BTC/USD defiantly bullish
|- Bitcoin bearish leg extended below $10,500 after the rejection from $12,315.
- Bitcoin price is staggering above the trendline support.
Bitcoin was forced against a couple of key support areas during the trading on Tuesday. The sellers managed to infiltrate through $12,000 critical level. A bearish leg extended below $10,500. On the brighter side, the uptrend remained unaffected. Bitcoin price formed a low at $11,207 before a shallow price action compelled a move above $11.600.
Meanwhile, BTC/USD is staggering above the trendline support. $11,500 is coming up as a credible support area. Besides, a building bullish momentum is likely to break above $11,700 in the near-term. Nonetheless, a recovery above $12,000 will be an uphill task considering the prevailing technical picture.
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As long as the price stays above the ascending trendline, Bitcoin is likely to launch a second attack on $12,000 later this week. The Relative Strength Index (RSI) already retreated from the overbought. It is, however, making headway after finding balance above the average. Moreover, the fact that the Moving Average Convergence Divergence (MACD) is holding ground above the mean line (0.0000) despite the correction from highs at $12,315 means that the bulls still have influence.
BTC/USD 4-hour chart
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