• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Technicals Suggest Bitcoin Price Needs To Clear $11,500 To Restart Rally

Aayush Jindal by Aayush Jindal
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin started a fresh increase above the $11,000 level against the US Dollar. BTC must surpass the $11,500 resistance zone to continue higher in the near term.

  • Bitcoin is trading nicely above the $11,000 and $11,200 support levels.
  • The price seems to be facing a major hurdle near the $11,450 and $11,500 resistance levels.
  • There is a key rising channel forming with support near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $11,500 resistance area to gain bullish momentum for a move towards $11,800.

Bitcoin Price is Showing Positive Signs

After a sharp downside correction, bitcoin price remained stable above $10,500 against the US Dollar. BTC started a fresh increase and climbed above the $11,000 resistance zone.

The upward move was positive, as the bulls were able to push the price above the $11,200 level and the 100 hourly simple moving average. The price even spiked above the 50% Fib retracement level of the downward move from the $12,115 high to $10,590 swing low.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It seems like there is a key rising channel forming with support near $11,200 on the hourly chart of the BTC/USD pair. The pair is also facing a major hurdle near the $11,450 and $11,500 resistance levels.

Bitcoin Price

Bitcoin price trades above $11,200. Source: TradingView.com

The 61.8% Fib retracement level of the downward move from the $12,115 high to $10,590 swing low is also near the $11,533 level. Therefore, the price must clear the $11,500 resistance zone to continue higher. If the bulls succeed, the price could easily revisit the $11,800 level.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The next major resistance is near the $12,000 level. Any further gains could lead the price towards the $12,200 level in the near term.

Fresh Decline in BTC?

The channel support is seen near the $11,200 level. If there is a downside break below the channel support, bitcoin price might decline further towards the $11,000 support level.

The next main support is near the $10,840 level, below which the bears are likely to push the price towards the crucial $10,500 support zone. An intermediate support could be near the $10,700 level.

Technical indicators:

Hourly MACD – The MACD is slowly struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Levels – $11,200, followed by $11,000.

Major Resistance Levels – $11,450, $11,500 and $11,800.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Struggles Below $2K, Why Bears Remain In Action

2 hours ago
Bitcoin

TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

4 hours ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

8 hours ago
Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

9 hours ago
Bitcoin

Bitcoin Trading Volume Plummets Down From Recent Top

12 hours ago
Bitcoin

Bitcoin Sets Record Streak For Bloodliest Weekly Trend yet

13 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

In Defence of Cryptocurrency – Christine Lagarde, Are You Serious?

May 26, 2022

Gaming Projects You Should Know in 2022: Decentraland (MANA), Enjin (ENJ), and Pac-Man Frog (PAC)

May 26, 2022

These Undervalued Coins Could Be Your Ticket to Being a Millionaire: Polkadot (DOT) and Quitriam Finance (QTM)

May 26, 2022

Chronoly (CRNO) Takes Number 1 Spot at Project To Invest In 2022 Over Fantom (FTM) and Anchor Protocol (ANC)

May 25, 2022

Pancakeswap to Start Listing Metallika token (METALLIKA)

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.