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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

TA: Bitcoin is Showing Early Signs of Fresh Increase, But $11.6K Is The Hurdle

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 2:07 pm
2 mins read
Bitcoin

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Bitcoin price started a fresh increase from the $11,260 low against the US Dollar. BTC must settle above $11,600 to continue higher towards $11,800 and $12,000.

  • Bitcoin is showing a few positive signs above the $11,450 and $11,500 levels.
  • The price is currently facing hurdles near $11,560, but it is above the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $11,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady upward move if it closes above $11,560 and $11,600.

Bitcoin Price is Gaining Momentum

In the past few sessions, there was a steady decline in bitcoin price below the $11,500 and $11,400 levels. BTC even broke the $11,300 level and the 100 hourly simple moving average.

However, it remained well bid above the $11,200 support level. A low was formed near $11,258 and the price started a fresh increase. There was a break above the $11,350 and $11,400 levels. Bitcoin even surpassed the $11,500 resistance and the 100 hourly simple moving average.

During the rise, there was a break above a key bearish trend line with resistance near $11,450 on the hourly chart of the BTC/USD pair. The price even spiked above the $11,560 resistance, but it failed to continue higher.

Bitcoin Price

Source: BTCUSD on TradingView.com

A high is formed near $11,631 and the price is currently correcting gains. It traded below the $11,560 level, plus the 23.6% Fib retracement level of the recent wave from the $11,258 low to $11,631 high.

There is a strong support forming on the downside near the broken trend line and $11,450. It is close to the 50% Fib retracement level of the recent wave from the $11,258 low to $11,631 high.

On the upside, the bulls need to gain strength above the $11,560 and $11,600 levels. If they succeed, bitcoin price might rise steadily 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, there is a risk of a fresh decline. The first major support is near the $11,450 level and the 100 hourly simple moving average.

A clear break below the $11,450 support could push the price further lower and it could decline towards the $11,200 support level.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

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

Major Support Levels – $11,450, followed by $11,260.

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

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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