News: Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key

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Full credits for this video to NewsBTC who listed the info in this video on an article on their website:


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Transcript:

0:00:00 Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key

0:00:07 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".

0:00:13 Bitcoin price is still struggling to gain bullish momentum above the $12,000 resistance against the US Dollar.

0:00:20 There is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC/USD pair.

0:00:29 The price is likely to accelerate higher once it clears the key $12,000 resistance level.

0:00:34 Bitcoin price is trading in a crucial range below $12,000 against the US Dollar.

0:00:40 Recently, we saw a few bullish moves above the $11,500 support in bitcoin price against the US Dollar.

0:00:48 The BTC/USD pair even settled above the $11,600 level and the 100 hourly simple moving average.

0:00:56 However, the price faced a strong resistance near the $12,000 level.

0:01:01 Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed.

0:01:07 At the moment, the price is trading in a range above the $11,500 support.

0:01:12 The last swing low was formed near the $11,657 before the price climbed above the 50% Fibonacci retracement level of the recent decline from the $12,061 high to $11,657 low.

0:01:28 However, the upward move remains capped near the $12,000 resistance.

0:01:32 The price failed near the 76.4% Fibonacci retracement level of the recent decline from the $12,061 high to $11,657 low.

0:01:44 More importantly, there is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC/USD pair.

0:01:54 Therefore, the pair seems to be setting up for the next move either above $12,000 or below $11,700 in the near term.

0:02:02 On the upside, the price is likely to accelerate higher once it clears the key $12,000 resistance level.

0:02:09 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.


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