Bitcoin Smashes Heavy Resistance at $12K And Its Likely To Continue Higher

October 21, 2020 | By | Reply | 12 Readers More

Bitcoin price is up over 2% and it broke the $11,800 and $12,000 resistance levels against the US Dollar. BTC is now trading above $12,000, with high chances of more upsides.

  • Bitcoin remained in a positive zone and it cleared the $11,800 and $12,000 resistance levels.
  • The price is currently testing the $12,150 zone and it is well above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $11,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher above $12,100 and $12,200 in the near term.

Bitcoin Price is Gaining Momentum

Bitcoin price gained bullish momentum after a successful close above the $11,560 resistance. BTC even broke the $11,800 resistance and settled well above the 100 hourly simple moving average.

As a result, the bulls gained strength and they were able to push the…

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