Bitcoin Price Analysis: BTC/USD closes in on $12,000 after Friday's consolidation

Bitcoin is posting modest daily gains on Saturday.
A weekly close above $12,000 could open the door for further gains.
Daily RSI stays a little below the overbought area.

After climbing above $12,000 for the first time in nearly a year, Bitcoin (BTC/USD) formed a consolidation channel and has been fluctuating in that channel for the past two weeks. Following a drop to the lower range of that channel near $11,000, BTC/USD staged a rebound and is now, once again, approaching $12,000. As of writing, Bitcoin was up 1.35% on a daily basis at $11,940.

BTC/USD technical outlook

On the daily chart, the Relative Strength Index is staying within a touching distance of 70, suggesting that the pair is likely to become overbought when it reaches the 12-month high it set at $12,112 on August 2nd. However, if Bitcoin closes the week above $12,000, buyers could look to remain in control of the price action even if the pair stages a technical correction.

Above $12,100, $12,325 (August 6, 2019, high) aligns as the initial resistance ahead of $13,195 (July 10, 2019, high). On the downside, $11,500 (20-day SMA) is the first support before $11,000 (lower limit of two-week-old range, Fibonacci 23.6% retracement of July 24 - August 2 rally).

Additional levels to watch for

BTC/USD

Overview
Today last price	11901.43
Today Daily Change	123.19
Today Daily Change %	1.05
Today daily open	11778.24

Trends
Daily SMA20	11392.45
Daily SMA50	10109.71
Daily SMA100	9774.8
Daily SMA200	8890.4

Levels
Previous Daily High	11863.17
Previous Daily Low	11654.35
Previous Weekly High	12083.95
Previous Weekly Low	11125.12
Previous Monthly High	11457.43
Previous Monthly Low	8907.52
Daily Fibonacci 38.2%	11734.12
Daily Fibonacci 61.8%	11783.4
Daily Pivot Point S1	11667.34
Daily Pivot Point S2	11556.44
Daily Pivot Point S3	11458.52
Daily Pivot Point R1	11876.16
Daily Pivot Point R2	11974.07
Daily Pivot Point R3	12084.97

BTC/USD daily chart

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