- Bitcoin accorded immense support at $11,200 igniting afternoon session gains.
- Increasing buying entries have given Bitcoin a mega kick stepping past $12,000.
Bitcoin has surprised many investors by taking the price action above $12,000. This comes after the assets plummeted from the weekly high around $12.328 on Tuesday. The incredible support at $11,200, accorded Bitcoin a firm boost.
The largest cryptocurrency reclaimed trendline support. Increasing buying entries have given Bitcoin a mega kick stepping past $12,000. The momentum is, however, staring into resistance at $12,115; observed using the confluence tool. The only indicator limiting movement here is the Previous High 15-mins. It also means that the chances of Bitcoin price correcting higher are very high. Besides, other higher hurdles are significantly mild. Bitcoin is just a catalyst away from the milestone at $13,000.
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On the downside, the resistance turned support is in position to defend Bitcoin from declines at $11,739. Various technical indicators converging at this support area range from SMA 10 4-hour, SMA 50 1-hour, previous high 4-hour and SMA 200 15-mins. Glancing lower other support areas to keep in mind include $10,862 and $10,611.
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