Is There Any Hope for a New Rally in Bitcoin (BTC)?

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Bitcoin (BTC) price is currently struggling to clear the $ 11,500 and $ 11,550 resistance levels against the US dollar. BTC could initiate a steady rise if it clears the $ 11,500 resistance.

Bitcoin is trading in a range below the $ 11,550 resistance level, according to popular analyst Aayush Jindal. In BTC, the price is facing a major hurdle around $ 11,500, $ 11,550 and the 100 hourly simple moving average. There is a major break pattern with resistance around $ 11,520 on the hourly chart of the BTC / USD pair. The pair could break the $ 11,550 barrier or slide further below the $ 11,100 support.

BTC Faces Obstacles

Bitcoin price initiated a short-term upward correction from the $ 11,100 support against the US Dollar. BTC recovered above the $ 11,200 and $ 11,400 levels, but faced strong resistance near the $ 11,500 level.

 

A resistance around $ 11,540 has formed in BTC, and the price is still well below the 100 hourly simple moving average. BTC is currently falling and trading below $ 11,400. There was a break below the 23.6% Fib retracement level of the last recovery wave.

The next major support is near the $ 11,330 level. There appears to be a major breakout pattern with resistance around $ 11,520 on the hourly chart of the BTC / USD pair.

On the upside, the bulls are facing a major hurdle near the trend line, $ 11,500, $ 11,550 and the 100 hourly simple moving average. These are the main reasons why a successful close above the $ 11,550 level and the 100-hour SMA is necessary to increase the chances of a new increase.

The next major resistance, near the $ 11,700 level, above this Bitcoin could attempt an upward break above the $ 11,800 level in the near term. This could be considered the beginning of a rally according to other analysts.

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Could There Be A Negative Break In BTC?

If Bitcoin fails to recover above $ 11,500 levels, it could get another bearish response. The first major support is close to $ 11,330 and $ 11,300.

The main support is currently forming near the $ 11,100 level, below which there is a risk of further losses below the $ 11,000 support. The next big boost could be $ 10,500.

BTC was trading at $ 11,357 at the time of writing.


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