Bitcoin Price Holds Strong Above $10,800: A Firm Case for Upside

Bitcoin worth climbed additional increased above the $11,000 resistance towards the US Greenback. BTC is at the moment correcting beneficial properties, however dips are prone to stay supported close to $10,800.

  • Bitcoin prolonged its upward transfer above the $10,900 and $11,000 resistance ranges.
  • The worth is now forming a robust assist above $10,800 and the 100 hourly easy transferring common.
  • There’s a main bullish pattern line forming with assist close to $10,840 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to resume its upside so long as it’s above $10,800 and the 100 hourly SMA.

Bitcoin Price is Exhibiting Optimistic Indicators

After a profitable shut above the $10,800 stage, bitcoin worth prolonged its rise towards the US Greenback. BTC broke the important thing $11,000 resistance stage and settled properly above the 100 hourly easy transferring common.

The worth traded to a brand new weekly excessive at $11,102 and lately began a draw back correction. It traded beneath the $11,000 stage and likewise broke the 23.6% Fib retracement stage of the latest upward transfer from the $10.675 low to $11,102 excessive.

Bitcoin is now approaching the $10,880 assist zone since it’s near the 50% Fib retracement stage of the latest upward transfer from the $10.675 low to $11,102 excessive. There’s additionally a significant bullish pattern line forming with assist close to $10,840 on the hourly chart of the BTC/USD pair.

Bitcoin worth spikes above $11,000. Supply: TradingView.com

So long as the worth is above the pattern line assist, it might resume its upward transfer above the $11,000 resistance. The primary resistance is close to the $11,100 stage, above which the bulls are prone to intention extra upsides in direction of the $11,500 and $11,600 ranges within the close to time period.

Dips Supported in BTC?

If bitcoin fails to renew its upward transfer above the $11,000 stage, it might additional right decrease. An preliminary assist on the draw back is close to the pattern line at $10,840.

A draw back break beneath the pattern line assist might maybe begin an prolonged decline in direction of the $10,650 assist stage or the 100 hourly SMA. Any additional losses might negate the probabilities of a robust rally this week and the worth would possibly proceed decrease in direction of $10,200.

Technical indicators:

Hourly MACD – The MACD is at the moment shedding momentum within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is at the moment slightly below the 50 stage.

Main Help Ranges – $10,840, adopted by $10,650.

Main Resistance Ranges – $11,000, $11,100 and $11,500.

About Tom Greenly

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