Crypto Technicals: Bitcoin struggles to hold above $12,000, potential 'Shooting Star' raises scope for pullback

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 11658 (cloud top); Resistance: 12,000 (psychological level)

Technical Analysis: Bias Bullish

BTC/USD extended its bull run in the Asian session, broke above strong trendline resistance to hit 4-week highs above $12,000 mark.

However, the pair struggled to hold gains above 12,000. Price action has slipped from highs at 12320 and is currently at 11684 at 12:35 GMT.

A potential 'Shooting Star' candlestick pattern at highs raises scope for some reversal.

On the hourly charts, the pair has slipped below 21H EMA and eyes strong support at 55H EMA at 11519.

Failure to hold above cloud will see dip till 21-EMA at 10572. Breach at 21-EMA could see further weakness.

On the flipside, close above 12,000 mark will see bullish continuation.

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