HomeAltcoin NewsBitcoin Price Analysis: BTC Trading In Strong Uptrend Above $11K

Bitcoin Price Analysis: BTC Trading In Strong Uptrend Above $11K

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • Bitcoin price started a significant rise from the $9,134 swing low against the US Dollar.
  • The price surged above the $11,000 and $12,000 levels before starting a downside correction.
  • There is a crucial bullish trend line forming with support near $11,350 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to climb high as long as it is trading above the $11,000 support area.

Bitcoin price is trading with a bullish bias above $11,000 against the US Dollar. BTC is likely accelerate further unless the bears push the price below $11,000.

Bitcoin Price Analysis

In the past few days, bitcoin price followed a bullish path above $11,000 against the US Dollar. The BTC/USD pair broke the key $11,200 and $11,500 resistance levels to move into a positive zone. Moreover, there was a break above the $12,000 level plus a close above the 55 simple moving average (4-hours). Finally, the price traded above the $12,300 level and a new monthly high was formed near $12,330.

Recently, the price started a downside correction below the $12,000 support level. Moreover, there was a break below the 23.6% Fib retracement level of the last major upward move from the $9,134 low to $12,331 high. However, the decline was protected by the $11,200 level. More importantly, there is a crucial bullish trend line forming with support near $11,350 on the 4-hours chart of the BTC/USD pair.

The pair stayed above the $11,000 support level and it is currently moving higher. An immediate resistance is near the $11,800 level, above which the price could retest $12,000. Additionally, if there is a fresh break above the $12,000 resistance, the price could even break the $12,331 high. The next key resistance is near the $12,800 level.

Conversely, if the price fails to climb above the $11,800 and $12,000 resistances, there could be a fresh decline. A clear break below the trend line might push the price below the $11,200 support. The main support is near the $11,000 level. Any further losses might push the price towards $10,730. It represents the 50% Fib retracement level of the last major upward move from the $9,134 low to $12,331 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading in a solid uptrend above $11,200 and $11,000. Therefore, it could continue to rise above $12,000. Only a daily close below $11,000 might negate the current uptrend.

Technical indicators

4 hour MACD – The MACD is slowly gaining pace in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently well above the 50 level, with a positive bias.

Key Support Levels – $11,200 and $11,000.

Key Resistance Levels – $11,800, $12,000 and $12,350.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img