Crypto Technicals: BTC/USD hovers around 12,000 handle, set to extend gains

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 11636 (5-DMA); Resistance: 12035 (61.8% Fib)

Technical Analysis: Bias Bullish

BTC/USD is hovering around 12,000 mark in the Aian session today.

The pair has ignored a 'Spinning Top' formation on Tuesday's trade and is set to extend gains.

Major and minor trend are bullish as shown by GMMA indicator, MACD also supports uptrend.

Price action is holding break above strong trendline resistance and daily cloud, retrace below may see some weakness.

That said, technical indicators support gains and volatility is rising which should see further upside.

Next major bull target lies at 78.6% Fib at 12841 ahead of 13194 (Upper Bollinger Band -weekly).

Retrace below cloud will see weakness till 21-EMA at 10802. Bullish invalidation only below 200-DMA.

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