Technicals Suggest Bitcoin Looks Ready For Another Leg Higher Over $11K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price corrected lower, but it found support near the $10,750 zone against the US Dollar. BTC is currently rising and it looks ready for another break above the $11,000 resistance.

Bitcoin is trading in a positive zone above the $10,650 and $10,750 support levels.
The price is likely to break the $11,000 resistance as long as it is above the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $10,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair seems to be forming a strong support base above the $10,750 level and $10,550 zone.

Bitcoin Price Could Surge Past $11K

Recently, we saw a downside correction in bitcoin price from the $11,107 swing high against the US Dollar. BTC corrected below the $10,900 level, but it stayed well above the 100 hourly simple moving average.

The price tested the $10,750 zone, where the bulls took a strong stand. A low is formed near the $10,751 level and the price is currently rising. It is trading above the $10,800 and $10,900 levels. There was also a break above the 50% Fib retracement level of the recent downside correction from the $11,107 high to $10,751 low.

An immediate resistance is near the $10,980 and $11,000 levels. The 61.8% Fib retracement level of the recent downside correction from the $11,107 high to $10,751 low is also near the $10,970 level to act as a hurdle.

Bitcoin price approaching $11,000. Source: TradingView.com

It seems like there is a key bullish trend line forming with support near $10,880 on the hourly chart of the BTC/USD pair. As long as the price is following the trend line, there are chances of an upside break above the $11,000 resistance.

The next resistance is near the $11,100 zone, above which the price is likely to accelerate higher towards the $11,400 ad $11,500 levels in the near term.

Dips Protected in BTC?

There are many key supports forming for bitcoin near the $10,800 and $10,750 levels. The 100 hourly SMA is also near the $10,750 zone.

If there is a downside break below the $10,750 support and the 100 hourly SMA, the price could extend its decline. The next major support where the bulls might appear is near the $10,550 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving further in the bullish zone.

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

Major Support Levels – $10,800, followed by $10,750.

Major Resistance Levels – $11,000, $11,100 and $11,500.

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.

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.

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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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