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Bitcoin Price Holds Strong Above $10,800: A Firm Case for Upside

Bitcoin value climbed additional increased above the $11,000 resistance in opposition to the US Dollar. BTC is at the moment correcting positive factors, however dips are prone to stay supported close to $10,800.

  • Bitcoin prolonged its upward transfer above the $10,900 and $11,000 resistance ranges.
  • The value is now forming a powerful help above $10,800 and the 100 hourly easy shifting common.
  • There is a significant bullish development line forming with help close to $10,840 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is prone to resume its upside so long as it’s above $10,800 and the 100 hourly SMA.

Bitcoin Price is Showing Positive Signs

After a profitable shut above the $10,800 degree, bitcoin value prolonged its rise in opposition to the US Dollar. BTC broke the important thing $11,000 resistance degree and settled effectively above the 100 hourly easy shifting common.

The value traded to a brand new weekly excessive at $11,102 and lately began a draw back correction. It traded beneath the $11,000 degree and likewise broke the 23.6% Fib retracement degree of the latest upward transfer from the $10.675 low to $11,102 excessive.

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Bitcoin is now approaching the $10,880 help zone since it’s near the 50% Fib retracement degree of the latest upward transfer from the $10.675 low to $11,102 excessive. There can be a significant bullish development line forming with help close to $10,840 on the hourly chart of the BTC/USD pair.

Bitcoin value spikes above $11,000. Source: TradingView.com

As lengthy as the worth is above the development line help, it might resume its upward transfer above the $11,000 resistance. The first resistance is close to the $11,100 degree, above which the bulls are prone to purpose extra upsides in the direction of the $11,500 and $11,600 ranges within the close to time period.

Dips Supported in BTC?

If bitcoin fails to renew its upward transfer above the $11,000 degree, it might additional appropriate decrease. An preliminary help on the draw back is close to the development line at $10,840.

A draw back break beneath the development line help could maybe begin an prolonged decline in the direction of the $10,650 help degree or the 100 hourly SMA. Any additional losses might negate the possibilities of a powerful rally this week and the worth would possibly proceed decrease in the direction of $10,200.

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Technical indicators:

Hourly MACD – The MACD is at the moment shedding momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at the moment just under the 50 degree.

Major Support Levels – $10,840, adopted by $10,650.

Major Resistance Levels – $11,000, $11,100 and $11,500.

EditorialTeam

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