Bitcoin Price Analysis: BTC sellers continue to lurk above $11,800, $12K still on cards?
- Bitcoin consolidates the rebound on Sunday before the next leg higher.
- A test of $12K mark remains inevitable amid a potential symmetrical triangle.
- Upside remains more compelling amid a bunch of healthy support levels.
Bitcoin (BTC/USD) sellers continue to lurk above the $11,800 level, limiting the upbeat momentum in the spot so far this Sunday. The most favorite crypto coin consolidates Saturday’s rebound around $11750, almost unchanged on the day, at the time of writing. The market capitalization of the No.1 digital asset stands at $217.17 billion.
Technical Overview
BTC/USD: Hourly chart
Following Saturday’s renewed $225 uptick to $11,817 levels, the price has entered a consolidative phase while ranging in a symmetrical triangle formation on the hourly chart.
The spot needs acceptance above the falling trendline resistance at $11,800 to confirm the pattern, opening doors towards the yearly highs of $12,112 and beyond.
En route the yearly tops, the BTC bulls could test Friday’s high at $11,918. The next hurdle is aligned at the $12,000 mark.
The hourly Relative Strength Index (RSI) has turned lower but holds above the midline around 50.50, suggesting that the upside bias still remains intact in the near-term.
Meanwhile, the horizontal 50-hourly Simple Moving Average (HMA) at 11,698 guards the downside. A break below which the upward sloping-100-HMA at $11,670 could be tested once again.
The confluence of the rising trendline support and intraday low near $11,645 will be the next cushion.
Selling pressure could intensify below the latter, opening floors for a test of the 200-HMA at $11,511.
To conclude, given a bunch of healthy support levels stacked up, the path of least resistance appears to the upside.
BTC/USD: Additional levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
