2020-8-31 07:15 |
Bitcoin is recovering and it recently broke the $11,500 resistance area against the US Dollar. BTC must climb above the 100 SMA (H4) to continue higher in the near term.
Bitcoin is slowly recovering and it surpassed the key $11,500 and $11,550 resistance levels. The price is now facing another hurdle near the 100 simple moving average (4-hours) and $11,800. There was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher above $12,000 once it clears the 100 simple moving average (4-hours). Bitcoin is Gaining TractionAfter forming a double bottom near $11,140, bitcoin started a strong recovery wave against the US Dollar. BTC broke the $11,400 and $11,500 resistance levels to move into a positive zone.
It even surpassed the 23.6% Fib retracement level of the downward move from the $12,479 high to $11,129 low. More importantly, there was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC/USD pair.
Bitcoin is now trading nicely above the $11,500 and $11,550 resistance levels. It also helped Ethereum and ripple in climbing above $400 and $0.2750 respectively.
Bitcoin price breaks $11,500. Source: TradingView.comAn immediate resistance for the bulls is now seen near the $11,700 level or the 100 simple moving average (4-hours). The next major resistance is near the $11,800 level (the last key breakdown zone). It is also close to the 50% Fib retracement level of the downward move from the $12,479 high to $11,129 low.
Therefore, a clear break above the $11,700 and $11,800 resistance levels could start a larger upward move. In the mentioned case, the price might continue to rise towards the $12,000 and $12,200 levels. The next major hurdle for the bulls is near the $12,500 level.
Dips Likely Supported in BTCIf bitcoin struggles to climb above the 100 SMA or the $11800 resistance, there could be a downside correction. An initial support on the downside is near the $11,500 level.
The first major support is near the $11,400 level, below which the bears are likely to aim a retest the main $11,100 support region in the near term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Level – $11,400
Major Resistance Level – $11,700
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