Bitcoin Price Nears $12K After Rising $500 in Minutes

 

 

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• BTC could rise to key resistance at $12,061 in the next few hours, as the hourly chart is reporting a symmetrical triangle breakout.
• A  high-volume break above $12,061 would invalidate the bearish lower-highs pattern and open the doors to the recent high of $13,880.
• However, a break with low volumes could turn out to be a bull trap, especially as the weekly chart indicators continue to report overbought conditions.
• On the downside, a move below $10,769 (July 5 low) would expose last week’s low of $9,615.

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Bitcoin leaped into the green in the European trading hours, and is now looking to scale key resistance above $12,000.
The top cryptocurrency by market value jumped from $11,400 to $11,916 in the 15 minutes to 09:10 UTC, according to Bitstamp data.
With the $500 spike, BTC has put an end to directionless trading seen over the weekend, in which the cryptocurrency was restricted to a narrowing price range above $11,000.

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