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  • Bitcoin hovers above $11,800 support even as $12,000 resistance remains intact.
  • BTC/USD is still in a bullish phase despite the delayed breakout to higher levels at $12,500 and $13,000.
  • PlanB S2F model suggests Bitcoin’s next run-to would hit $20,000.

Bitcoin price action is still limited under $12,000 for the third week in a row. The fight to sustain gains above this level have proved unyielding as bears keep having their way. Last week, Bitcoin refreshed levels towards $11,000 but a recovery ensued pulling the price closer to $12,000. The weekend session was mainly mundane. BTC/USD hit a barrier at $11,950, giving way for the ongoing bearish activities.

At the time of writing, Bitcoin is trading at $11,835. Buyers are working extra hard to ensure support at $11,800 is secured by all means. Consolidation above this support would allow bulls to gather the strength for another well-executed attack on the barrier at $12,000.

The 4-hour chart shows the formation of a rising triangle pattern. The expected breakout has continued to delay due to the seller congestion at $12,000.  However, buyers are holding tightly to the hope that eventually the breakout will be significant enough to pull Bitcoin above $12,500 and close in on $13,000.

BTC/USD 4-hour chart

BTC/USD price chart

As mentioned, established support above $11,800 is key for the potential; bullish case above $12,000. Meanwhile, other support areas include the 50 SMA at $11,718, the triangle support, the 100 SMA at $11,624 and $10,500. Technical indicators such as the RSI and the MACD hint that consolidation will continue in the narrow range between $11,800 and $12,000.

While using the now popular stock-to-flow (S2F) model, analyst PlanB is bullish on Bitcoin to the extent that he says that the next target is 2017’s all-time high around $20,000. Many analysts are bullish on Bitcoin with some suggesting that the run-up to $14,000 is nigh.