Bitcoin (BTC) Price Primed For More Gains Above $11,500
technical analysis

Bitcoin (BTC) Price Primed For More Gains Above $11,500

THELOGICALINDIAN - Bitcoin amount is boring accepting bullish drive aloft 11200 adjoin the US Dollar BTC could acceleration acutely already it settles aloft 11500 in the abreast term

Bitcoin Price Analysis

After basic a support abject abreast $10,800, bitcoin amount recovered steadily adjoin the US Dollar. The BTC/USD brace traded aloft the $11,000 and $11,200 attrition levels to move into a absolute zone. The advancement move was abiding aloft the $11,400 akin and the 100 alternate simple affective average. Moreover, the amount traded aloft the $11,500 attrition level, but it struggled to accretion clip aloft $11,600.

A beat aerial was formed abreast $11,624 and afresh the amount adapted lower. It bankrupt the $11,500 akin and the 100 alternate SMA. Moreover, there was a fasten beneath $11,400 additional the 23.6% Fib retracement akin of the aftermost beachcomber from the $10,995 low to $11,624 high. However, the amount begin abutment abreast the $11,350 level. The 50% Fib retracement akin of the aftermost beachcomber from the $10,995 low to $11,624 aerial additionally provided support.

At the outset, there is a aloft application triangle basic with attrition abreast $11,475 on the alternate blueprint of the BTC/USD pair. If bitcoin amount climbs aloft the $11,500 resistance, it could alpha a appropriate advancement move. The price may conceivably accumulate bullish momentum already it clears the contempo aerial abreast $11,624. On the upside, the abutting key attrition is abreast the $12,000 level, aloft which the amount could analysis the $12,400 level.

Conversely, if there is no upside break, the amount may analysis the triangle abutment abreast $11,200. If there is a downside breach beneath the $11,200 support, the amount ability abatement acutely appear the abutting above abutment abreast $10,800.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is acutely advancing for the abutting aloft move either aloft $11,500 or appear $10,800. If there is a acknowledged abutting aloft $11,500 and $11,650, the beasts are acceptable to booty ascendancy and advance the amount appear the $12,000 and $12,400 levels in the advancing days.

Technical indicators:

Hourly MACD – The MACD is boring accepting clip in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently aloft the 50 level, with a absolute angle.

Major Support Levels – $11,200 followed by $11,000.

Major Resistance Levels – $11,500, $11,600 and $12,000.