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- There was a fresh increase in bitcoin and it broke the $11,250 resistance against the US Dollar.
- The price traded to a new 2019 high and it is likely to accelerate above the $11,500 resistance.
- There was a break above an ascending channel with resistance near $11,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is gaining momentum and it could even trade towards the $12,000 level in the near term.
Bitcoin price is trading with a bullish angle above $11,200 against the US Dollar. BTC price could continue to accelerate gains as the bulls eye more gains above $11,500.
Bitcoin Price Analysis
After a short term downside correction, bitcoin found support near the $10,525 level against the US Dollar. The BTC/USD pair formed a swing low at $10,523 and it recently climbed above the $10,800 and $11,000 resistance levels. The price is gaining momentum and it recently broke the $11,250 resistance. Moreover, there was a break above the 76.4% Fib retracement level of the last drop from the $11,293 high to $10,523 low. Similarly, there were gains in Ethereum and ripple.
BTC is now trading well above the $11,200 level and the 100 hourly simple moving average. Besides, there was a break above an ascending channel with resistance near $11,250 on the hourly chart of the BTC/USD pair. As a result, the price surpassed the last swing high at $11,293 and traded to a new 2019 high above $11,300.
The price is clearly trading with a positive bias above the $11,200 and $11,250 levels. If it continues to grind higher, the next stop for the bulls could be near the $11,475 level. It represents the 1.236 Fib extension level of the last drop from the $11,293 high to $10,523 low. However, there are high chances of an upside break above the $11,500 and $11,600 level.
Therefore, the price may even trade towards the key $12,000 level in the near term. On the downside, an initial support is near the $11,200 level, below which bitcoin could test the $11,000 level. If there are more losses, the price could test the channel support near the $10,980 level.
Looking at the chart, bitcoin price is showing a lot of bullish signs above $11,200. The bulls are currently in action and it seems like they are eyeing a fresh increase above the $11,300 and $11,400 levels in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is currently gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 65 level, with a bullish angle.
Major Support Levels – $11,200 followed by $11,000.
Major Resistance Levels – $11,300, $11,475 and $11,600.
