THELOGICALINDIAN - Bitcoin amount is surging and it afresh topped abreast the 11200 akin adjoin the US Dollar BTC could consolidate in the abbreviate appellation afore a beginning access aloft 11000
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin amount started a able rally aloft the $8,500 and $9,000 resistances adjoin the US Dollar. The BTC/USD brace alike acquired backbone aloft the $10,000 and $10,500 levels. Finally, there was a breach aloft the $11,000 akin and the amount acclimatized able-bodied aloft the 100 simple affective boilerplate (4-hours). Finally, the amount formed a new 2019 aerial abreast $11,200 and afresh started a downside correction.
It beneath beneath $11,000 and $10,800. However, the $10,400 akin acted as a appropriate abutment and a beat low was formed at $10,363. The amount is currently affective college and it trading abreast the $10,700 level. It is aloft the 23.6% Fib retracement akin of the contempo alteration from the $11,234 aerial to $10,363 low. However, it seems like the $10,800 and $10,950 levels are currently capping gains.
The 50% Fib retracement akin of the contempo alteration from the $11,234 aerial to $10,363 low is additionally preventing gains. If there is a acknowledged breach aloft $10,950 and a chase through aloft $11,000, the amount is acceptable to resume its uptrend. The abutting key resistances are abreast $11,200 and $11,500. If bitcoin amount continues to rise, it could alike analysis the key $12,000 akin in the abreast term.
On the downside, there are abounding supports abreast $10,500. Moreover, there is a key bullish trend band basic with abutment abreast $10,550 on the 4-hours blueprint of the BTC/USD pair. If bitcoin slides beneath the trend line, it could revisit the $10,200 and $10,000 abutment levels.
Looking at the chart, bitcoin amount seems to be currently acclimation gains. It charcoal able-bodied accurate aloft $10,000 and there are affairs of a beginning access aloft $11,000. The beasts are acceptable to ambition added assets and aloof like the 2017 bull-run, the amount ability anon advance aloft $11,200.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring abbreviation its bullish slope.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone, with a few bearish signs.
Major Support Level – $10,500
Major Resistance Level – $11,000
