- Bitcoin technical picture remains positive despite retreat from $12,000.
- BTC/USD is significantly supported above $10,000 but $9,000 is the major support.
Bitcoin pushed for correction on Wednesday stepping above $10,000 level. The appreciation continued above $11,000 and even stepped above $12,000 on Thursday. However, the momentum has lost team resulting of 1.6% on the day.
BTC/USD is trading at $11,774 at the time of writing after defending the 50 Simple Moving Average support at $11,527. The next significant support target is $11,000 marginally above the 100 SMA. In case of an extended reversal and Bitcoin clears the above support areas $10,000 is the last resort in preventing losses towards $9,000 major support.
On the upside, Bitcoin is facing immediate resistance at the upper trendline of the descending triangle. Further correction north will come face to face with the resistance at $12,000. Trading above this level could open the road towards $13,000 and beyond.
Technically, the current picture is still positive. The Moving Average Convergence Divergence (MACD) is sending bullish signals. The divergence is increasing as an indicator for rising buying power. The Relative Strength Index (RSI) is above average and moving sideways to suggest consolidation after hitting pause at $12,000.
BTC/USD 4-h chart
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