THELOGICALINDIAN - Bitcoin rallied over 10 and it bankrupt the key 10500 attrition adjoin the US Dollar BTC is now trading accurately aloft 11000 and it seems like the beasts are aiming a analysis of 12024
Bitcoin Price Gains Pace aloft $10,500
Yesterday, we saw a strong access in bitcoin aloft the $10,000 attrition adjoin the US Dollar. BTC continued its assemblage aloft the $10,200 and $10,500 attrition levels to achieve aloft a brace of acute hurdles.
There was a breach aloft the $11,000 akin and the amount acclimatized able-bodied aloft the 100 alternate simple affective average. A new account aerial is formed abreast $11,422 and it is currently accumulation gains. It adapted lower beneath the $11,200 level.
However, the 50% Fib retracement akin of the contempo assemblage from the $10,275 low to $11,422 aerial acted as a able abutment abreast $10,850. There is additionally a above bullish trend band basic with abutment abreast $10,8s00 on the alternate blueprint of the BTC/USD pair.
The trend band is abutting to the 61.8% Fib retracement akin of the contempo assemblage from the $10,275 low to $11,422 high. On the upside, the $11,500 akin is a above hurdle for the bulls.
A acknowledged breach aloft the $11,400 and $11,500 levels may conceivably open the doors for aciculate increase in the abreast term. The abutting ambition for the beasts could be $12,000 in the advancing sessions.
Dips Likely Supported in BTC
If there is a downside correction, bitcoin is acceptable to acquisition bids abreast the $11,000 and $10,800 levels. The capital abutment is now abreast the trend band and $10,500.
Any added losses could advance the amount appear the $10,300 abutment zone. The abutting above abutment is abreast the $9,800 akin and the 100 alternate simple affective average.
Technical indicators:
Hourly MACD – The MACD is currently accident backbone in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now acclimation lower from the 70 level.
Major Support Levels – $11,000, followed by $10,800.
Major Resistance Levels – $11,400, $11,500 and $12,000.
