Bitcoin price rallied more than 15% and it broke the ,000 resistance zone.A new monthly high is formed near ,412 and the price is consolidating above ,500.There is a short-term contracting triangle forming with support near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair might correct lower in the short-term, but dips remain well supported near ,300.Bitcoin price is trading in a strong uptrend above ,500 against the US Dollar. BTC could continue to rise towards ,000 as long as it is above the ,300 support zone.Bitcoin Price AnalysisIn the past few days, bitcoin price started a strong bullish wave above the ,000 pivot level against the US Dollar. BTC broke the crucial ,500 resistance zone and settled well above the 55 simple
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- Bitcoin price rallied more than 15% and it broke the $11,000 resistance zone.
- A new monthly high is formed near $11,412 and the price is consolidating above $10,500.
- There is a short-term contracting triangle forming with support near $10,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair might correct lower in the short-term, but dips remain well supported near $10,300.
Bitcoin price is trading in a strong uptrend above $10,500 against the US Dollar. BTC could continue to rise towards $12,000 as long as it is above the $10,300 support zone.
Bitcoin Price Analysis
In the past few days, bitcoin price started a strong bullish wave above the $10,000 pivot level against the US Dollar. BTC broke the crucial $10,500 resistance zone and settled well above the 55 simple moving average (4-hours).
It opened the doors for more gains and the price rallied above the $11,000 level. A new monthly high is formed near $11,412 and the price is consolidating gains. It traded below the $11,150 level, plus the 23.6% Fib retracement level of the recent surge from the $10,137 low to $11,412 high.
It seems like there is a short-term contracting triangle forming with support near $10,800 on the 4-hours chart of the BTC/USD pair. The triangle support is close to the 50% Fib retracement level of the recent surge from the $10,137 low to $11,412 high.
Below the triangle support, the price could correct lower towards the $10,600 support. The main uptrend support is now forming near the $10,350 and $10,300 levels.
Any further losses may perhaps lead the price towards the $10,000 pivot and support level or the 55 simple moving average (4-hours). On the upside, the triangle resistance is near the $11,100 level. A successful break could lead the price towards the $11,250 resistance.
The main resistance is near the $11,400 swing high. The next key resistance is near $11,500, above which the price could rally towards the $12,000 barrier. Any intermediate hurdle is seen near the $11,850 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading in a strong uptrend above $10,600 and $10,500. In the short-term, the price might correct lower below $10,800, but dips remain well supported near $10,300.
Technical indicators
4 hours MACD – The MACD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Key Support Levels – $10,800 and $10,600.
Key Resistance Levels – $11,100, $11,400 and $11,500.