- Bitcoin rate extended gains above the crucial $10,600 and $10,800 resistances versus the United States Dollar.
- The rate is presently remedying lower after trading to a brand-new weekly high at $10960
- The other day’s highlighted significant bullish pattern line is undamaged with assistance near $10,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The rate might fix lower, however it looks like the bulls are considering a test of the $11,200 resistance location.
Bitcoin rate is getting bullish momentum above $10,500 versus the United States Dollar. BTC is most likely to climb up towards $11,200 or $11,400 as long as it remains above $10,500
Bitcoin Cost Analysis
The other day, we talked about the possibilities of a strong rise in BTC if it breaks $10,600 versus the United States Dollar. The rate did get bullish momentum above the $10,500 and $10,600 resistance levels. It unlocked for more gains above the $10,700 level and the 100 per hour easy moving average. Lastly, the rate went beyond the $10,800 resistance and traded to a brand-new weekly high at $10,960
Just recently, the rate began a disadvantage correction listed below the $10,900 level. Furthermore, it traded listed below the 23.6% Fib retracement level of the current wave from the $10,267 low to $10,960 high. It looks like there might be a prolonged drawback correction towards the $10,500 assistance level. An instant assistance is near the $10,600 level (the previous resistance). In addition, the 50% Fib retracement level of the current wave from the $10,267 low to $10,960 high is near the $10,600 level.
More significantly, the other day’s highlighted significant bullish pattern line is undamaged with assistance near $10,500 on the per hour chart of the BTC/USD set. Bitcoin rate plainly stays well supported on the drawback near the $10,600 and $10,500 assistance levels. If there is a bearish break and close listed below $10,500 plus the 100 per hour easy moving average, the rate might return into a bearish zone.
On the advantage, an instant resistance is near the current high at $10,960, followed by $11,000 If the rate continues to increase, the next important resistance is near the $11,200 and $11,250 levels.
Taking A Look At the chart, bitcoin rate is trading perfectly above the $10,500 assistance level. As long as there is no day-to-day close listed below $10,500, there are high possibilities of more benefits towards $11,200 in the coming sessions. In addition, if the bulls stay in action, they may be able to press the rate towards the $11,400 level.
Per Hour MACD– The MACD is gradually returning into the bearish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is presently remedying lower towards the 50 level.
Significant Assistance Levels– $10,600 followed by $10,500
Significant Resistance Levels– $10,960, $11,000 and $11,200