Bitcoin [BTC] Rallies Above $12,000 Bringing $13,000 in Focus

Bitcoin gained in value significantly on Monday in the wake of the mundane consolidating weekend sessions. As discussed in a previous analysis the breakout from the symmetrical triangle culminated in gains that initially stepped above the 61.8% Fib retracement level taken between the last drop from $13,884 to a low of $9,674.

BTC/USD 1-h chart

This reignited the bullish pressure by introducing a spark that gave the price a boost above $12,500 on Tuesday. BTC/USD inched closer to $13,000 but formed a weekly high at $12,814. The upside is, however, limited with Bitcoin retreating at $12,691.

This is the second day in a row this week where Bitcoin has posted formidable gains reviving the uptrend for other major cryptocurrencies Like Ethereum whose price traded closer to $320 and Ripple currently holding position above $0.40.

At the moment, Bitcoin price is trading above the 100 Simple Moving Average as an indicator of prevailing buying power and bulls’ control. In addition, the Moving Average Convergence Divergence (MACD) continued movement above the mean line (0.0) is a sign of buyers gaining traction against the bears. Read More at Coingape...

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