Bitcoin Price Analysis: BTC Could Rally Further Above $11,500
Bitcoin price is trading in a positive zone above the $11,240 pivot level against the US Dollar. BTC remains well supported for more upsides above $11,500 and $11,700.
Bitcoin Price Analysis
In the past few days, bitcoin price remained in a positive zone above the $11,000 resistance level against the US Dollar. BTC was able to climb above the $11,240 pivot level and the 55 simple moving average (4-hours).
The upward move gained pace above the $11,500 resistance. The price traded to a new monthly high at $11,737 before it started a downside correction. There was a break below the $11,600 and $11,580 levels.
The price traded below the 50% Fib retracement level of the upward move from the $11,189 swing low to $11,737 high. However, the bulls were able to protect the $11,300 support level and bitcoin stayed well above the 55 SMA (H4).
The 76.4% Fib retracement level of the upward move from the $11,189 swing low to $11,737 high also acted as a support. Moreover, there is a key bullish trend line forming with support near $11,320 on the 4-hours chart of the BTC/USD pair.
The pair is currently trading with a positive bias above the $11,320 support. The next major support is near the $11,240 pivot level. Any further losses could start a sharp bearish wave in the coming sessions.
Conversely, bitcoin price might continue to rise above the $11,450 and $11,500 levels. The next major resistance is near the $11,700 level, above which the bulls are likely to aim a test of the $12,000 level or even $12,200.
Looking at the chart, bitcoin price is clearly trading well above the $11,240 support and the 55 SMA (H4). Therefore, the price is likely to rally further if it clears the $11,450 and $11,500 resistance levels in the near term.
4 hours MACD – The MACD is struggling to gain pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Key Support Levels – $11,320 and $11,240.
Key Resistance Levels – $11,500, $11,700 and $12,000.
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