bitcoin-price-holds-strong-above-$11,500:-a-strong-case-for-upside

Bitcoin Price Holds Strong Above $11,500: A Strong Case for Upside

Bitcoin bounced reduction sharply after attempting out the $11,500 make stronger zone against the US Buck. BTC is probably going to droop elevated above $12,000 so long as it is above the 100 hourly SMA.

  • Bitcoin is shopping and selling properly above the $11,800 and $11,500 make stronger levels.
  • The price is facing just a few hurdles attain the $12,000 and $12,080 levels.
  • There became a spoil above a key bearish development line with resistance attain $11,880 on the hourly chart of the BTC/USD pair (files feed from Kraken).
  • The pair must cease above the 100 hourly easy transferring moderate to sure the $12,000 resistance.

Bitcoin Imprint is Conserving Uptrend

After forming a short top attain $12,080, bitcoin label corrected lower against the US Buck. BTC broke the $11,800 make stronger level and dived bigger than $500. It traded near the $11,500 make stronger house, the place the bulls regarded.

A swing low is formed attain $11,536 and never too long prior to now the label bounced reduction sharply. It climbed reduction above the $11,800 resistance and the 100 hourly easy transferring moderate. The bulls pushed the label above the 50% Fib retracement level of the intelligent decline from the $12,084 excessive to $11,536 swing low.

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Moreover, there became a spoil above a key bearish development line with resistance attain $11,880 on the hourly chart of the BTC/USD pair. The pair is presently impending the $11,950 and $12,000 levels.

Bitcoin Price

Bitcoin label trades above $11,800. Source: TradingView.com

The 76.4% Fib retracement level of the intelligent decline from the $12,084 excessive to $11,536 swing low would possibly per chance well well well act as a order resistance in the attain term at $11,950. A transparent spoil above the $11,950 level would possibly per chance well well well make bigger the possibilities of a push above the $12,000 level.

The subsequent resistance is attain the $12,080 level, above which the bulls tend to purpose more upsides above the $12,200 and $12,250 levels.

100 SMA Holds The Key For BTC

If bitcoin fails to reclaim the $12,000 resistance, it will maybe per chance well well appropriate lower in the short term. A key make stronger looks to be forming attain the $11,700 level and the 100 hourly SMA.

If there would possibly per chance be a downside spoil beneath the $11,700 make stronger and the 100 hourly SMA, the label would possibly per chance well well well retest the $11,500 make stronger zone. Any longer gains would possibly per chance well well well lead the label in direction of $11,200.

Technical indicators:

Hourly MACD – The MACD is slowly going in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently graceful above the 50 level.

Essential Beef up Ranges – $11,700, followed by $11,500.

Essential Resistance Ranges – $11,950, $12,000 and $12,080.

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