Bitcoin Price Holds Strong Above $10,800: A Firm Case for Upside

Aayush Jindal

Last Updated: June 11, 2024 2:16 pm

2 mins read

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Bitcoin price climbed further higher above the $11,000 resistance against the US Dollar. BTC is currently correcting gains, but dips are likely to remain supported near $10,800.

Bitcoin extended its upward move above the $10,900 and $11,000 resistance levels.
The price is now forming a strong support above $10,800 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $10,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to resume its upside as long as it is above $10,800 and the 100 hourly SMA.

Bitcoin Price is Showing Positive Signs

After a successful close above the $10,800 level, bitcoin price extended its rise against the US Dollar. BTC broke the key $11,000 resistance level and settled well above the 100 hourly simple moving average.

The price traded to a new weekly high at $11,102 and recently started a downside correction. It traded below the $11,000 level and also broke the 23.6% Fib retracement level of the recent upward move from the $10.675 low to $11,102 high.

Bitcoin is now approaching the $10,880 support zone since it is close to the 50% Fib retracement level of the recent upward move from the $10.675 low to $11,102 high. There is also a major bullish trend line forming with support near $10,840 on the hourly chart of the BTC/USD pair.

Bitcoin price spikes above $11,000. Source: TradingView.com

As long as the price is above the trend line support, it could resume its upward move above the $11,000 resistance. The first resistance is near the $11,100 level, above which the bulls are likely to aim more upsides towards the $11,500 and $11,600 levels in the near term.

Dips Supported in BTC?

If bitcoin fails to resume its upward move above the $11,000 level, it could further correct lower. An initial support on the downside is near the trend line at $10,840.

A downside break below the trend line support may perhaps start an extended decline towards the $10,650 support level or the 100 hourly SMA. Any further losses could negate the chances of a strong rally this week and the price might continue lower towards $10,200.

Technical indicators:

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

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

Major Support Levels – $10,840, followed by $10,650.

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.

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