Bitcoin
$ 10,869
Ethereum
$ 363.65
Litecoin
$ 46.27




Technicals Suggest Bitcoin Price Needs To Clear $11,500 To Restart Rally

Technicals Suggest Bitcoin Price Needs To Clear $11,500 To Restart Rally


Bitcoin started a fresh increase above the $11,000 level against the US Dollar. BTC must surpass the $11,500 resistance zone to continue higher in the near term.

  • Bitcoin is trading nicely above the $11,000 and $11,200 support levels.
  • The price seems to be facing a major hurdle near the $11,450 and $11,500 resistance levels.
  • There is a key rising channel forming with support near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $11,500 resistance area to gain bullish momentum for a move towards $11,800.

Bitcoin Price is Showing Positive Signs

After a sharp downside correction, bitcoin price remained stable above $10,500 against the US Dollar. BTC started a fresh increase and climbed above the $11,000 resistance zone.

The upward move was positive, as the bulls were able to push the price above the $11,200 level and the 100 hourly simple moving average. The price even spiked above the 50% Fib retracement level of the downward move from the $12,115 high to $10,590 swing low.

It seems like there is a key rising channel forming with support near $11,200 on the hourly chart of the BTC/USD pair. The pair is also facing a major hurdle near the $11,450 and $11,500 resistance levels.

Bitcoin price trades above $11,200. Source: TradingView.com

The 61.8% Fib retracement level of the downward move from the $12,115 high to $10,590 swing low is also near the $11,533 level. Therefore, the price must clear the $11,500 resistance zone to continue higher. If the bulls succeed, the price could easily revisit the $11,800 level.

The next major resistance is near the $12,000 level. Any further gains could lead the price towards the $12,200 level in the near term.

Fresh Decline in BTC?

The channel support is seen near the $11,200 level. If there is a downside break below the channel support, bitcoin price might decline further towards the $11,000 support level.

The next main support is near the $10,840 level, below which the bears are likely to push the price towards the crucial $10,500 support zone. An intermediate support could be near the $10,700 level.

Technical indicators:

Hourly MACD – The MACD is slowly struggling to gain pace in the bullish zone.

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

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

Major Resistance Levels – $11,450, $11,500 and $11,800.



Source link

Related Posts

Hot Posts

South African Google Searches for Bitcoin Spike Amid Economic Uncertainty
March 19, 2018By
Blogger ‘Bitfinex’ed’ Hires Legal Counsel to Fight Bitfinex Lawsuit
March 19, 2018By
EOS, Cardano and Tezos: Sleeping Giants Starting to Stir
March 19, 2018By


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin10,869 0.18 % 1.33 % 0.49 %
Ethereum363.65 0.25 % 2.96 % 1.97 %
Tether0.9984 0.13 % 0.12 % 0.07 %
XRP0.2452 0.23 % 1.57 % 0.48 %
Bitcoin Cash229.80 0.82 % 1.32 % 1.64 %
Polkadot4.470 0.34 % 6.25 % 4.36 %
Chainlink10.60 0.44 % 1.03 % 8.72 %
Binance Coin27.32 0.48 % 5.02 % 3.36 %
Cardano0.1033 0.75 % 2.09 % 15.70 %
Bitcoin SV172.14 0.22 % 1.31 % 11.58 %