10:57TA: Bitcoin Bulls Back In Driver’s Seat, More Upsides Above $12K Likely
Bitcoin is gaining momentum, and it broke the $11,500 and $11,560 resistance levels.
Bitcoin Price Gains 2%
Bitcoin price remained stable above the $11,350 and $11,400 levels. As a result, BTC gained bullish momentum above the $11,500 and $11,560 resistance levels.
The price even climbed above the $11,700 level and the 100 hourly simple moving average to move into a positive zone. It traded to a new weekly high at $11,839 before it started a downside correction. There was a break below the $11,750 level.
Bitcoin is now trading below the 23.6% Fib retracement level of the recent rally from the $11,425 low to $11,839 high. It seems like there is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair.
A successful break above the triangle resistance could increase the chances of a clear break above the $11,800 resistance. In the stated case, the price is likely to surge above the $12,000 resistance level in the near term. The next major resistance is near $12,200, followed by $12,500.
Downside Break in BTC?
If bitcoin fails to gain strength above $11,750 and $11,800 resistance levels, it could extend its downside correction. The first major support is near the $11,640 level since it is close to the 50% Fib retracement level of the recent rally from the $11,425 low to $11,839 high.
The main support is now forming near the $11,560 level (the recent breakout zone) and a connecting bullish trend line on the same chart. Any further losses could lead the price towards $11,450 or the 100 hourly simple moving average.
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 60 level, with a positive angle.
Major Support Levels – $11,640, followed by $11,560.
Major Resistance Levels – $11,750, $11,6800 and $12,000.
|Total comments: 0|
|Amid blackouts and police raids, Iran weighs benefits of Bitcoin mining (0)|
|MicroStrategy CEO: “Avalanche of Money to Flow from Institutions & Corporations into Bitcoin” (0)|
|Iran: Is Chinese Bitcoin mining behind country's massive power blackouts? (0)|
|An early bitcoin investor says the best time to buy is when nobody's talking about it - and warns this isn't the first crypto bubble (0)|
|Grayscale Breaking Records: Bitcoin Trust Adds Over $1 Billion in a Week (0)|
|TOP BIDEN APPOINTEE SUGGESTS CRACKING DOWN ON BITCOIN (0)|
|Bitcoin is above $30k - Bull market price discovery mode activated (0)|
|Grayscale Brings a Bunch of Altcoin Investment Products to Its Offerings, Continues BTC Buying (0)|
|Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K (0)|
|Value Investor Bill Miller Buys MicroStrategy Debt for the Bitcoin (0)|