- Bitcoin price extended gains above the key $10,600 and $10,800 resistances against the US Dollar.
- The price is currently correcting lower after trading to a new weekly high at $10.960.
- Yesterday’s highlighted major bullish trend line is intact with support near $10,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could correct lower, but it seems like the bulls are eyeing a test of the $11,200 resistance area.
Bitcoin price is gaining bullish momentum above $10,500 against the US Dollar. BTC is likely to climb towards $11,200 or $11,400 as long as it stays above $10,500.
Bitcoin Price Analysis
Yesterday, we discussed the chances of a strong rise in BTC if it breaks $10,600 against the US Dollar. The price did gain bullish momentum above the $10,500 and $10,600 resistance levels. It opened the doors for more gains above the $10,700 level and the 100 hourly simple moving average. Finally, the price surpassed the $10,800 resistance and traded to a new weekly high at $10,960.
Recently, the price started a downside correction below the $10,900 level. Moreover, it traded below the 23.6% Fib retracement level of the recent wave from the $10,267 low to $10,960 high. It seems like there could be an extended downside correction towards the $10,500 support level. An immediate support is near the $10,600 level (the previous resistance). Additionally, the 50% Fib retracement level of the recent wave from the $10,267 low to $10,960 high is near the $10,600 level.On the upside, an immediate resistance is near the recent high at $10,960, followed by $11,000. If the price continues to rise, the next important resistance is near the $11,200 and $11,250 levels.