- Bitcoin is posting modest daily gains on Saturday.
- A weekly close above $12,000 could open the door for further gains.
- Daily RSI stays a little below the overbought area.
After climbing above $12,000 for the first time in nearly a year, Bitcoin (BTC/USD) formed a consolidation channel and has been fluctuating in that channel for the past two weeks. Following a drop to the lower range of that channel near $11,000, BTC/USD staged a rebound and is now, once again, approaching $12,000. As of writing, Bitcoin was up 1.35% on a daily basis at $11,940.
BTC/USD technical outlook
On the daily chart, the Relative Strength Index is staying within a touching distance of 70, suggesting that the pair is likely to become overbought when it reaches the 12-month high it set at $12,112 on August 2nd. However, if Bitcoin closes the week above $12,000, buyers could look to remain in control of the price action even if the pair stages a technical correction.
Above $12,100, $12,325 (August 6, 2019, high) aligns as the initial resistance ahead of $13,195 (July 10, 2019, high). On the downside, $11,500 (20-day SMA) is the first support before $11,000 (lower limit of two-week-old range, Fibonacci 23.6% retracement of July 24 – August 2 rally).
Additional levels to watch for
|Today last price||11901.43|
|Today Daily Change||123.19|
|Today Daily Change %||1.05|
|Today daily open||11778.24|
|Previous Daily High||11863.17|
|Previous Daily Low||11654.35|
|Previous Weekly High||12083.95|
|Previous Weekly Low||11125.12|
|Previous Monthly High||11457.43|
|Previous Monthly Low||8907.52|
|Daily Fibonacci 38.2%||11734.12|
|Daily Fibonacci 61.8%||11783.4|
|Daily Pivot Point S1||11667.34|
|Daily Pivot Point S2||11556.44|
|Daily Pivot Point S3||11458.52|
|Daily Pivot Point R1||11876.16|
|Daily Pivot Point R2||11974.07|
|Daily Pivot Point R3||12084.97|