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| Current bitcoin price versus the USD. |
BTCUSD price is currently at $11738 and its moving upward, what a positive crypto day for traders who were buying. The chances of breaking the consolidation region is quite slim.
Above the actual price of 11738, the first resistance level is at $12,276 and the projected second resistance at $14000 while there is a possible third of $17198.
Below $11738, the first support level is at 11250 and the second and third at $10935 and $10648 respectively.
The MACD on a daily chart has gained a bearish profile as opposed to the bullish profile in the early hours of the day where it was standing tall at 11700 before bears deducted close to $400.
The DMI indicator on the daily chart as well shows the bear moving away from the bull with the buy-side taking control of the BTCUSD pair.
When resistance and support trend lines are traced on the daily chart, there is a higher probability the the bulls are still in control and btcusd is likely to hit back the 12k this week. This is another possibility, a retrace to $11000 is highly possible as well.
Once btcusd hits $11000, its next resistance should be expected at $14000 from the 2nd week of September, 2020.
Cameroon KingOfPips
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