Bitcoin Breaks $12k Overhead Resistance but Overwhelm by Selling Pressure

Today, buyers are retesting the $12,000 resistance but have not sufficiently broken above it. The initial attempt at the resistance pushed BTC to $12,064 high.

The selling pressure is overwhelming as the price pulls back. Analysts have anticipated that BTC will be facing the strongest resistance zone at the $12,000 high.

That is, the $12,000 resistance will bring about an unprecedented rally. Bitcoin will surge higher to the $15,000 high. Today, buyers pushed above the resistance but could not sustain the upward move. Price pulled back above $11,700 to resume a fresh upward move. Nevertheless, if buyers fail to break the overhead resistance, the king coin will be compelled to an indefinite period of a sideways trend. Meanwhile, buyers are retesting the resistance to break it at the time of writing.

Bitcoin indicator reading 

Bitcoin is trading in an ascending channel as price rebounds above the support line. The upward movement will continue as long as the support line holds. The market will fall if the price breaks and closes below the support line. Bitcoin is in a strong bullish momentum as it is above 80% range of daily stochastic.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7,000, $6,000, $5,000

What is the next direction for BTC/USD?

In the recent uptrend on August 1, a red candle body tested the 0.236 Fibonacci retracement level. This red candle body indicates that Bitcoin will rise after the retracement. The king coin will rise and reach the 4.236 Fibonacci extension level. This level is equal to $15,000 high.

Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.