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Technicals Suggest Bitcoin Looks Ready For Another Leg Higher Over $11K

Bitcoin price corrected lower, but it found support near the $10,750 zone against the US Dollar. BTC is currently rising and it looks ready for another break above the $11,000 resistance.

  • Bitcoin is trading in a positive zone above the $10,650 and $10,750 support levels.
  • The price is likely to break the $11,000 resistance as long as it is above the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $10,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair seems to be forming a strong support base above the $10,750 level and $10,550 zone.

Bitcoin Price Could Surge Past $11K

Recently, we saw a downside correction in bitcoin price from the $11,107 swing high against the US Dollar. BTC corrected below the $10,900 level, but it stayed well above the 100 hourly simple moving average.

The price tested the $10,750 zone, where the bulls took a strong stand. A low is formed near the $10,751 level and the price is currently rising. It is trading above the $10,800 and $10,900 levels. There was also a break above the 50% Fib retracement level of the recent downside correction from the $11,107 high to $10,751 low.

An immediate resistance is near the $10,980 and $11,000 levels. The 61.8% Fib retracement level of the recent downside correction from the $11,107 high to $10,751 low is also near the $10,970 level to act as a hurdle.

Bitcoin price approaching $11,000. Source: TradingView.com

It seems like there is a key bullish trend line forming with support near $10,880 on the hourly chart of the BTC/USD pair. As long as the price is following the trend line, there are chances of an upside break above the $11,000 resistance.

The next resistance is near the $11,100 zone, above which the price is likely to accelerate higher towards the $11,400 ad $11,500 levels in the near term.

Dips Protected in BTC?

There are many key supports forming for bitcoin near the $10,800 and $10,750 levels. The 100 hourly SMA is also near the $10,750 zone.

If there is a downside break below the $10,750 support and the 100 hourly SMA, the price could extend its decline. The next major support where the bulls might appear is near the $10,550 level.

Technical indicators:

Hourly MACD – The MACD is slowly moving further in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Levels – $10,800, followed by $10,750.

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

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