Bitcoin targets fresh highs above the $13,500 level as the bulls are preparing and successfully surpassing the $13,200 resistance levels. In today’s Bitcoin latest news, we are reading more on the price analysis.
Bitcoin’s price is trading nicely above the $13,000 resistance zone against the US dollar and the price is showing positive signs so it will likely gear up more upsides above the $13,500 level. Bitcoin targets fresh highs as the bulls successfully cleared the $12,800 and $13,000 resistance level. The price is now trading nicely above the $13,000 level and the 100 simple moving average. There’s a major bullish trend line forming near the $13,000 level on the 4-hour charts as the pair could continue rising above the $13,200 and the $13,250 resistance levels.
Over the past week, Bitcoin started a strong increase above the $12,000 and the $12,500 resistance levels against the US dollar. The pair surged above the $13,000 level and settled nicely above the 100 simple moving average. The coin traded to a new monthly high of $13,250 before starting a short-term correction to the downside. There was a break below the $13,000 level but the price remained bid above the $12,650 support zone.
A new low was formed near the $12,740 before the price started a fresh increase. There was also a break above the $13,000 resistance level plus the price settled at the 50% fib retracement level from the recent drop at $13,250 swing high to 412,740 low. The price is now approaching the $13,200 resistance level and it seems there’s a major bullish trend line forming with support close to the $13,000 on the 4-hour charts. On the upside, the price is facing strong resistance at $13,200 and $13,220 levels. If there’s a clear break above this level, the bulls could aim for a new monthly high and the price will test the $13,500 level. Further gains could open the doors for an increase towards the $14,000 resistance.
If BTC fails to clear the $13,200 resistance, it could correct lower with the initial support getting near the trend line zone at the $13,000 level. the downside break below the $13,000 level could push the price to the $12,740 low. The next major support is near the $12,650 level below which the price could test $12,500.
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