The upward trend is not over yet Bitcoin starts rally to 115,00 and 12,000

Bitcoin starts vertical rally at $ 115,00 and $ 12,000: the upward trend is not over yet

Bitcoin has gained traction and has recently surpassed the $ 10,000 mark against the US dollar. The BTC price is currently in a strong upward trend and could soon test $ 11,560 or $ 12,100.

The Bitcoin price shows many positive signs above the USD 9,500 resistance area.
The bulls pushed the price above $ 10,000 and opened the doors for a larger rally. as i have described in previous post
The pair is likely to continue heading towards the $ 11,000, 11,560 and $ 12,100 levels in the near future.

Bitcoin price chart

This month, Bitcoin started a strong uptrend above the USD 9,000 resistance area. Previously, BTC held up well above the $ 8,800 pivot level and the simple 100-day moving average.

This paved the way for further gains above the USD 9,200 and USD 9,250 resistance levels. More importantly, the bulls were able to push the price down to the main resistance range of $ 9,500 to $ 9,600.

During the rise, there was a break above an important bearish trendline with resistance close to $ 9,000 on the BTC / USD pair’s daily chart. Bitcoin even surpassed the fib retracement level of 76.4% of the last major decline from $ 10,579 to $ 6,423.

The price is now showing many positive signs and has recently risen above the $ 10,000 level. The next resistance is near the high of $ 10,579.

However, the first major resistance for the bulls is likely to be near the $ 11,560 level. It corresponds to the 1,236-fib expansion level of the last major decline from $ 10,579 to $ 6,423.

Further gains could push the price towards the USD 12,100 resistance level. The main target for the current wave could be close to $ 13,000 as it is close to the 1.618 Fib expansion level of the last major decline from the high of $ 10,579 to the low of $ 6,423.

The recent break of $ 9,500 and $ 10,000 was significant. It has opened the doors for a major rally towards $ 11,500 and $ 12,000.

Therefore, the chances of a downward correction are very slim. Initial support is near USD 9,600 (the most recent breakout zone). Any further losses can lead to a Bitcoin price towards the support area of ​​$ 9,000.

Technical indicators

Daily MACD — The MACD is slowly gaining momentum in the bullish area.

Daily Relative Strength Index (RSI) — The RSI for BTC / USD is now well above the 65 level.

Major support levels are $ 9,600 then followed by 9,000.

Major resistance levels are 11,560, 12,100, and then 13,000.