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TA: Bitcoin Overcame Hurdles, But $11K Still Presents A Significant Challenge

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Bitcoin worth managed to remain above the $10,550 assist and climbed above $10,800 towards the US Greenback. BTC is now dealing with the primary hurdle close to the $10,950 and $11,000 ranges.

  • Bitcoin is up over 2% and it discovered a robust shopping for curiosity close to the $10,550 assist degree.
  • The worth is buying and selling above the 100 hourly easy shifting common, however dealing with hurdles close to $10,950.
  • There was a break above a serious bearish development line with resistance close to $10,635 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might rally if it clear the $10,950 and $11,000 resistance ranges.

Bitcoin Value is Trying Bullish Breakout

Bitcoin worth made one other try to clear the $10,550 assist towards the US Greenback. Nevertheless, BTC remained effectively bid above the $10,550 assist degree, leading to a recent bullish response.

There was a break above the $10,650 and $10,700 resistance ranges to begin an honest upward transfer. Extra importantly, there was a break above a serious bearish development line with resistance close to $10,635 on the hourly chart of the BTC/USD pair.

Bitcoin is up over 2% and it cleared the $10,800 resistance degree. The upward transfer was such that the worth even spiked above the $10,950 resistance. A brand new intraday excessive is fashioned close to $10,971 and the worth is at present consolidating positive aspects.

Bitcoin Price

Bitcoin worth recovers above $10,800. Supply: TradingView.com

It looks as if there’s a contracting triangle forming with assist close to $10,880 on the identical chart. The triangle assist is near the 23.6% Fib retracement degree of the current enhance from the $10,539 low to $10,971 excessive.

On the upside, the primary main resistance is close to the $10,950 degree. The primary hurdle continues to be close to the $11,000 degree. A profitable shut above the $11,000 resistance might open the doorways for a sustained upward transfer in direction of $11,500 within the close to time period.

Dips Now Supported in BTC?

The primary key assist for bitcoin is close to the triangle development line at $10,880. The following main assist is close to the $10,800 degree or the 50% Fib retracement degree of the current enhance from the $10,539 low to $10,971 excessive.

Any additional losses could lead on the worth in direction of the $10,700 assist degree since it’s near the 100 hourly easy shifting common.

Technical indicators:

Hourly MACD – The MACD is displaying optimistic indicators within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is at present effectively above the 60 degree.

Main Assist Ranges – $10,880, adopted by $10,800.

Main Resistance Ranges – $10,950, $11,000 and $11,200.


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