Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight

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There was a steady rise in bitcoin price and it tested the $12,000 resistance level.It traded as high as $12,053 and is currently correcting gains towards $11,600.There is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair remains well supported on the downside and it seems like it could continue towards $12,500.There were steady gains in bitcoin price above the $11,500 resistance level against the US Dollar. BTC tested the first target of $12,000 and it may soon climb towards the $12.5K target.Bitcoin Price AnalysisYesterday, we saw a reversal pattern in bitcoin price from the $10,000 support against the US Dollar. The BTC/USD pair made a nice 15% move and climbed above the $11,000 and $11,200 resistance levels. Moreover, there was a close above the $11,200 level and the 100 hourly simple moving average. We also discussed the chances of a test of the $12,000 resistance level.The price did climb higher and traded above the $12,000 target. A new intraday high was formed at $12,053 and the price is currently correcting lower. It is trading near the $11,800 level and the 23.6% Fib retracement level of the recent wave from the $11,035 low to $12,053 high. On the downside, there are many supports near the $11,600 and $11,500 levels.Besides, there is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC/USD pair. The trend line support coincides with the 50% Fib retracement level of the recent wave from the $11,035 low to $12,053 high. If there is a downside break below the $11,500 support, bitcoin price could extend the current correction towards the $11,275 support area. Any further losses might push the price towards $11,000 or the 100 hourly SMA.On the upside, the $12,000 level is an initial resistance. Once there is a break above the $12,000 resistance and the $12,050 swing high, there could be more gains. In the mentioned case, the price could trade towards our second target of $12,500.Bitcoin Price Analysis BTC ChartLooking at the chart, bitcoin price is trading nicely above the $11,600 and $11,500 support levels. As long as there is no close below $11,000, the bulls remain in action. On the upside, the main target this week could be $12,500, followed by $12,650.Technical indicators:Hourly MACD – The MACD is slowly losing momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.Major Support Levels – $11,600 followed by $11,500.Major Resistance Levels – $12,000, $12,500 and $12,650.

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