Bitcoin is trading in a bullish zone above the $11,650 level against the US Dollar. BTC is likely to accelerate higher once it clears the key $12,050 resistance zone.
- Bitcoin is gaining bullish momentum and it is approaching the $12,000 resistance zone.
- The price is forming a strong support near the $11,650 level and the 100 simple moving average (4-hours).
- There is a crucial bullish trend line with support near $11,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct a few points, but the price action suggests more gains above $12,000.
Bitcoin is Gaining Traction
In the past few days, there was a positive price action in bitcoin, Ethereum and ripple against the US Dollar. BTC remained well bid above the $11,200 level and the 100 simple moving average (4-hours).
It started a fresh increase from the $11,276 swing low and climbed above the main $11,500 resistance area. There was a break above a connecting bearish trend line with resistance near $11,600 on the 4-hours chart of the BTC/USD pair.
The pair retested the $12,000…