BTCUSD testing towards $12,000

Bitcoin has rallied towards the technically important $11,900 resistance area, following another bout of heavy US dollar this morning. BTCUSD bulls need to maintain price above the $11,850 area to encourage technical buying towards the $12,000 level. Traders may attempt to buy a breakout above the $12,000 level in anticipation of a rally towards the $12,500 level.

• The BTCUSD pair is only bullish while trading above the $11,500 level, key resistance is found at the $12,000 and the $12,500 levels.

• If the BTCUSD pair trades below the $11,500 level, sellers may test the $11,300 and $11,100 levels.