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Bitcoin

TA: Bitcoin Hesitates Below $11,550, But Upside Break To $12K Seems Likely

Aayush Jindal by Aayush Jindal
3 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price is slowly rising and it is now trading above $11,400 against the US Dollar. BTC is a bit hesitant, but further gains above $11,550 seems very likely.

  • Bitcoin is showing a few positive signs above the $11,350 and $11,400 levels.
  • The price is currently facing hurdles near $11,560, but it is above the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $11,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher above $11,560 as long as it is above the $11,300 support.

Bitcoin Price is Rising Steadily

After forming a support base above $11,300, bitcoin price started a slow and steady increase. BTC cleared the $11,400 resistance and the 100 hourly simple moving average to move into a positive zone.

During the rise, there was a break above a connecting bearish trend line with resistance near $11,420 on the hourly chart of the BTC/USD pair. The price even spiked above the $11,500 resistance, but it seems to be facing hurdles near $11,560.

A high is formed near $11,540 and the price is currently correcting lower. There was a break below the $11,500 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $11,257 low to $11,540 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the downside, there is a decent support forming near the $11,400 level. There is also a key rising channel forming with support near $11,420 on the same chart.

The 50% Fib retracement level of the recent rise from the $11,257 low to $11,540 high is close to $11,400 and the 100 hourly simple moving average. On the upside, the price is clearly facing a strong resistance near the $11,550 and $11,560 levels.

A successful break above the $11,560 resistance could open the doors for a larger increase towards the $11,800 and $12,000 resistance levels in the near term.

Downside Break in BTC?

If bitcoin fails to gain strength above $11,560 and $11,600 resistance levels, it could start a fresh drop. The first major support is near the $11,400 level and the 100 hourly simple moving average.

A clear break below the $11,400 support could negate the chances of an upside break above $11,560 in the next 2-3 sessions. The next major support is near the $11,300 level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now sliding towards the 50 level.

Major Support Levels – $11,420, followed by $11,400.

Major Resistance Levels – $11,560, $11,600 and $11,800.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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