- Bitcoin price is gaining momentum and it recently traded above $ 10,700 against the US Dollar.
- The price is currently testing the key $ 10,800 resistance area and it might correct a few points.
- There is a new bullish trend line forming with support near $ 10,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price remains well bid and it is likely to climb further above the $ 10,800 and $ 11,000 resistances.
Bitcoin price is trading in an uptrend above $ 10,600 against the US Dollar. BTC surge once there is a successful break above the $ 10,800 and $ 11,000 resistances.
Bitcoin Price Analysis
Yesterday, there were further upsides in BTC above the $ 10,750 resistance area against the US Dollar. The price even broke the $ 10,800 level and settled above the 100 hourly simple moving average. A new monthly high was formed near $ 10,893 before the price started a downside correction. There was a break below the $ 10,750 and $ 10,600 levels. Moreover, the price spiked below $ 10,500, but downsides were contained.
A swing low was formed near $ 10,463 and the price started a fresh increase. It broke the $ 10,600 resistance to move back into a positive zone. Additionally, there was a break above the 50% Fib retracement level of the last slide from the $ 10,893 high to $ 10,463 low. The bulls even pushed the price above a connecting bearish trend line with resistance at $ 10,560 on the hourly chart of the BTC/USD pair.
The price is now testing the $ 10,800 resistance area. Moreover, it seems like the 76.4% Fib retracement level of the last slide from the $ 10,893 high to $ 10,463 low is acting as a resistance. If there is an upside break above the $ 10,800 and $ 10,880 levels, the price could continue to rise. In the mentioned case, the price will most likely break the $ 11,000 resistance level.
Conversely, if the price fails to break the $ 10,800 and $ 10,880 resistance levels, it could correct lower. An immediate support is near the $ 10,650 level. Additionally, there is a new bullish trend line forming with support near $ 10,600 on the same chart. Below the trend line, the price could revisit the $ 10,500 support area in the near term.
Looking at the chart, bitcoin price is clearly gaining momentum above $ 10,700 and it will most likely break the $ 10,800 and $ 10,880 resistance levels. Finally, if there is a break above $ 11,000, the price could test $ 11,250.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 75 level.
Major Support Levels – $ 10,600 followed by $ 10,500.
Major Resistance Levels – $ 10,800, $ 10,880 and $ 11,000.