Bitcoin (BTC) Soaring: Master Analyst Gives Signal to Rally


Bitcoin price has surged above $ 11,000 and $ 11,200 against the US Dollar. BTC is currently consolidating its gains and seems to be gearing up for another rally above $ 11,500.

Bitcoin is showing positive signs and is trading above the $ 11,200 support level. The price faces a short-term resistance at $ 11,420, but above the 100 hourly simple moving average. There is a key triangle pattern with resistance near $ 11,420 on the hourly chart of the BTC / USD pair. The pair could recover if it clears the $ 11,420 and $ 11,500 resistance levels.

Bitcoin Price Shows Positive Signs

Bitcoin price started a strong upward movement after breaking the $ 11,000 resistance against the US dollar. BTC even cleared the $ 11,200 resistance and settled well above the 100 hourly simple moving average. BTC was trading at $ 11,482 at the time of writing.

There was a new monthly high around $ 11,495 before starting a short term downside correction. On the hourly chart of the BTC / USD pair, there appears to be a significant triangle formation with resistance near $ 11,420. The pair is currently trading near the triangle resistance and is attempting a breakout above $ 11,400. If there is a clear break above the 11,420 level, the price could even exceed the $ 11,500 resistance. In the stated situation, there is a new chance of rising and the price could rise to the $ 12,000 level in the near term.

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Is There Any Possibility Of Decline In Bitcoin Price?
Bitcoin is likely to find support near the $ 11,250 and $ 11,200 levels. If there is a downside break below the triangle support, there is a possibility of a greater correction below $ 11,200. The next major support is near the $ 11,120 level or the 100 hourly simple moving average. The main support is likely formed around $ 11,000 (last break zone).

See Also
Bitcoin: The most profitable investment of 2020

Technical Indicators

Hourly MACD: The MACD is about to accelerate in the bullish zone.

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

Major Support Levels: $ 11,250 followed by $ 11,200.

Major Resistance Levels: $ 11,500


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