Bitcoin (BTC) is preparing to go above $ 11,000, according to analysts. According to CoinMarketCap data, the leading crypto currency was trading at $ 10,980 at the time of writing.
After the bitcoin price rose above $ 11K, it experienced a minor correction but found support near the $ 10,750 zone against the US Dollar. BTC is currently soaring and looks set for another break above the $ 11k resistance.
Bitcoin is trading in a positive zone above the $ 10,650 and $ 10,750 support levels, according to analyst Aayush Jindal. $ 11K resistance as long as price is above the 100 hourly simple moving average
There is a key bullish trend line formed with support near $ 10,880 on the hourly chart of the BTC / USD pair. The pair seems to be building a strong support base above the $ 10,750 level and the $ 10,550 zone.
Bitcoin Price Could Be Over 11 Thousand Dollars
Recently, we saw a downside correction in bitcoin price rising from $ 11,107 against the US Dollar. BTC corrected below the $ 10,900 level, but remained well above the 100 hourly simple moving average.
The price tested the $ 10,750 zone, where the bulls took a strong stance. There was a drop near the $ 10,751 level and the price is currently rising despite this. BTC is trading above $ 10,800 and $ 10,900. Resistance is currently close to 10 thousand 980 and 11 thousand levels, according to Jindal. On the hourly chart of the BTC / USD pair, there appears to be a significant bullish trend line formed with support around $ 10,880. As long as the price follows the trend line, there is a possibility of an upside break above the $ 11k resistance.
The next resistance is close to the $ 11,100 zone, with the price likely to rise to $ 11,400 and $ 11,500 in the near term.