Bitcoin Price (BTC) Signaling Bullish Continuation To K

  • Bitcoin price rallied recently above the $ 10,000 and $ 10,200 resistance levels against the US Dollar.
  • The price climbed towards the $ 10,800 resistance and recently started consolidating gains.
  • There is a contracting triangle forming with resistance near $ 10,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could accelerate towards $ 11,000 and $ 11,200 if it clears the $ 10,800 resistance.

Bitcoin price is showing a lot of positive signs above the $ 10,400 support against the US Dollar. BTC is currently preparing for more upsides and it could rally towards $ 11,000.

Bitcoin Price Analysis

After a major decline below $ 10,000, bitcoin price found support above $ 9,100 against the US Dollar. The BTC/USD pair formed a decent support base above the $ 9,500 level and recently started a strong recovery. Besides, it broke the key $ 10,000 resistance to move into a positive zone. Finally, the upward move was such that the price even traded above $ 10,200 and the 100 hourly simple moving average.

Moreover, the price broke the $ 10,500 resistance and traded close to the $ 10,800 level. A swing high was formed near $ 10,807 and the price started consolidating gains. It corrected below the 23.6% Fib retracement level of the upside move from the $ 9,253 low to $ 10,807 high. Additionally, the price even spiked below the $ 10,400 support level. However, the decline was protected by the $ 10,200 support and the 100 hourly simple moving average.

At the outset, there is a contracting triangle forming with resistance near $ 10,700 on the hourly chart of the BTC/USD pair. Therefore, if there is an upside break above the $ 10,700 and $ 10,800 resistance levels, the price could continue to rise. The next target for the bulls could be $ 11,000, above which it could even surge above the $ 11,200 level. On the downside, a break below $ 10,440 might push the price towards the $ 10,200 support.

The next main support is near the $ 10,000 level. Moreover, the 50% Fib retracement level of the upside move from the $ 9,253 low to $ 10,807 high is also above the $ 10,000 support area. Therefore, a daily close below $ 10,000 might start a major decline in bitcoin price in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a positive bias above the $ 10,200 and $ 10,000 support levels. As long as the price is above $ 10,000, it could continue to rise. Overall, the main target for the bulls could be $ 11,000 and $ 11,200.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving higher towards the 65 level.

Major Support Levels – $ 10,400 followed by $ 10,200.

Major Resistance Levels – $ 10,800, $ 11,000 and $ 11,200.

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