- There was a fresh boost in bitcoin and it broke the $11,250 resistance versus the United States Dollar.
- The rate traded to a brand-new 2019 high and it is most likely to speed up above the $11,500 resistance.
- There was a break above a rising channel with resistance near $11,250 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set is getting momentum and it might even trade towards the $12,000 level in the near term.
Bitcoin rate is trading with a bullish angle above $11,200 versus the United States Dollar. BTC rate might continue to speed up gains as the bulls eye more gains above $11,500
Bitcoin Cost Analysis
After a short-term drawback correction, bitcoin discovered assistance near the $10,525 level versus the United States Dollar. The BTC/USD set formed a swing low at $10,523 and it just recently climbed up above the $10,800 and $11,000 resistance levels. The rate is getting momentum and it just recently broke the $11,250 resistance. Furthermore, there was a break above the 76.4% Fib retracement level of the last drop from the $11,293 high to $10,523 low. Likewise, there were gains in Ethereum and ripple.
BTC is now trading well above the $11,200 level and the 100 per hour basic moving average. Besides, there was a break above a rising channel with resistance near $11,250 on the per hour chart of the BTC/USD set. As an outcome, the rate went beyond the last swing high at $11,293 and traded to a brand-new 2019 high above $11,300
The rate is plainly trading with a favorable predisposition above the $11,200 and $11,250 levels. If it continues to grind greater, the next stop for the bulls might be near the $11,475 level. It represents the 1.236 Fib extension level of the last drop from the $11,293 high to $10,523 low. Nevertheless, there are high opportunities of an upside break above the $11,500 and $11,600 level.
For that reason, the rate might even trade towards the crucial $12,000 level in the near term. On the drawback, a preliminary assistance is near the $11,200 level, listed below which bitcoin might check the $11,000 level. If there are more losses, the rate might check the channel assistance near the $10,980 level.
Taking A Look At the chart, bitcoin rate is revealing a great deal of bullish indications above $11,200 The bulls are presently in action and it looks like they are considering a fresh boost above the $11,300 and $11,400 levels in the coming sessions.
Technical indications:
Per Hour MACD– The MACD is presently getting strength in the bullish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now above the 65 level, with a bullish angle.
Significant Assistance Levels– $11,200 followed by $11,000
Significant Resistance Levels– $11,300, $11,475 and $11,600
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