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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isn’t Over Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin gained traction and recently climbed above the $10,000 mark against the US Dollar. BTC price is now in a strong uptrend and it could soon test $11,560 or $12,100.

  • Bitcoin price is showing a lot of positive signs above the $9,500 resistance area.
  • The bulls were able to push the price above $10,000, opening the doors for a larger rally.
  • There was a break above a crucial bearish trend line with resistance near $9,000 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $11,000, $11,560 and $12,100 levels in the near term.

Bitcoin Price Could Soon Test $11,500

This month, bitcoin started a strong upward move above the $9,000 resistance area. Earlier, BTC was able to settle nicely above the $8,800 pivot level and the 100-day simple moving average.

It cleared the path for more gains above the $9,200 and $9,250 resistance levels. More importantly, the bulls were able to push the price the main $9,500-$9,600 resistance area.

During the rise, there was a break above a crucial bearish trend line with resistance near $9,000 on the daily chart of the BTC/USD pair. Bitcoin even surpassed the 76.4% Fib retracement level of the last key decline from the $10,579 high to $6,423 low.

Bitcoin Price
Bitcoin Price

The price is now showing a lot of positive signs and it recently climbed above the $10,000 level. The next resistance is seen near the $10,579 swing high.

However, the first key resistance for the bulls may perhaps be near the $11,560 level. It represents the 1.236 Fib extension level of the last key decline from the $10,579 high to $6,423 low.

Any further gains could lead the price towards the $12,100 resistance level. The main target for the current wave could be near $13,000 since it is close to the 1.618 Fib extension level of the last key decline from the $10,579 high to $6,423 low.

Downside Correction in BTC?

The recent break above $9,500 and $10,000 was significant. It has opened the doors for a larger rally towards $11,500 and $12,000.

Therefore, the chances of a downside correction are very less. An initial support is near the $9,600 area (the recent breakout zone). Any further losses may lead bitcoin price towards the $9,000 support area.

Technical indicators:

Daily MACD – The MACD is slowly gaining momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 65 level.

Major Support Levels – $9,600 followed by $9,000.

Major Resistance Levels – $11,560, $12,100 and $13,000.

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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.

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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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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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