Bitcoin price continued to rise above the $ 11,000 resistance against the US dollar. BTC is currently correcting gains, but the dips should remain supported near $ 10,800.
- Bitcoin has extended its uptrend above the $ 10,900 and $ 11,000 resistance levels.
- The price is now forming a strong support above $ 10,800 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 10,840.
- The pair is likely to resume its bullish trend as long as it is above $ 10,800 and the 100-hour SMA.
Bitcoin price is showing positive signs
After a successful close above the $ 10,800 level, Bitcoin price extended its surge against the US dollar. BTC broke the key resistance level of $ 11,000 and was well above the 100-hour simple moving average.
The price hit a new weekly high at $ 11,102 and recently began a downward correction. It traded below the $ 11,000 level and also broke the 23.6% fib retracement level of the recent uptrend from the low of $ 10.675 to the high of $ 11,102.
Bitcoin is now approaching the USD 10,880 support zone as it is close to the 50% fib retracement level of the recent uptrend from the low of USD 10.675 to the high of USD 11,102. A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near USD 10,840.
Bitcoin price spikes above $11,000. Source: TradingView.com
As long as the price is above trendline support, it could continue its uptrend above the USD 11,000 resistance. The initial resistance is near the $ 11,100 level, above which the bulls are likely to seek more bullish moves towards the $ 11,500 and $ 11,600 levels in the near future.
Dips supported in BTC?
If Bitcoin does not resume its uptrend above the $ 11,000 level, it could correct further downwards. Initial support to the downside is near the trendline at USD 10,840.
A downward break below trendline support could potentially result in a prolonged decline towards the support level of $ 10,650 or the 100-hour SMA. Further losses could negate the chances of a strong rally this week and the price could continue to slide towards $ 10,200.
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently just below the 50 level.
Major support levels – $ 10,840 followed by $ 10,650.
Main Resistance Levels – $ 11,000, $ 11,100, and $ 11,500.