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- Bitcoin price rallied recently above the key $10,000 resistance area against the US Dollar.
- The price is currently trading well above the $10,600 level and it could continue to climb in the near term.
- There is a key bullish trend line forming with support near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to rally further above the $11,000 mark to register a solid uptrend.
Bitcoin price gained more than 10% in the past 24 hours and broke $10K against the US Dollar. BTC is likely to continue higher towards the $11,000 and $12,000 levels.
Bitcoin Price Analysis
Yesterday, we saw a solid upward move above $9,500 in bitcoin price against the US Dollar. The BTC/USD pair remained in a positive zone and recently rallied above the main $10,000 resistance. There was even a close above the $10,000 level and the 100 hourly simple moving average. A new 2019 high was formed above $10,800 and the price traded close to the $11,000 level.
The recent rise was convincing since there was a strong follow through above $10,000. The bulls are currently in action despite the recent downside correction. It broke the $10,700 support plus the 23.6% Fib retracement level of the recent rally from the $9,853 low to $10,903 high. However, the decline was protected by the $10,400 support area.
It seems like the 50% Fib retracement level of the recent rally from the $9,853 low to $10,903 high acted as a strong support. Moreover, there is a key bullish trend line forming with support near $10,200 on the hourly chart of the BTC/USD pair. The pair is currently moving higher and is trading above the $10,600 level. On the upside, an immediate hurdle is near the $10,800 level, above which the price could trade towards the $11,000 level.
Moreover, if the bulls remain in action, the price may even climb above the $11,000 and $11,200 levels. On the downside, there are many supports near the $10,600 and $10,400 levels. The main support is now near $10,000.
Looking at the chart, bitcoin price is clearly in a strong uptrend above $10,000. If there are more gains, the price may even test the next important resistance near $12,000. On the downside, the previous resistances near $9,800 and $9,500 are now pivot levels. Only a daily close below $9,500 might start a major decline.
Technical indicators:
Hourly MACD – The MACD is currently now heavily in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the extreme overbought zone.
Major Support Levels – $10,600 followed by $10,400.
Major Resistance Levels – $10,800, $11,000 and $11,200.
