{"id":389041,"date":"2019-07-08T06:00:47","date_gmt":"2019-07-08T06:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=389041"},"modified":"2024-06-11T13:45:09","modified_gmt":"2024-06-11T13:45:09","slug":"bitcoin-btc-price-primed-for-more-gains-above-11500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-primed-for-more-gains-above-11500\/","title":{"rendered":"Bitcoin (BTC) Price Primed For More Gains Above $11,500"},"content":{"rendered":"
Bitcoin price is slowly gaining bullish momentum above $11,200 against the US Dollar. BTC could rise sharply once it settles above $11,500 in the near term.<\/em><\/p>\n After forming a support base near $10,800<\/a>, bitcoin price recovered steadily against the US Dollar. The BTC\/USD pair traded above the $11,000 and $11,200 resistance levels to move into a positive zone. The upward move was steady above the $11,400 level and the 100 hourly simple moving average. Moreover, the price traded above the $11,500 resistance level, but it struggled to gain pace above $11,600.<\/p>\n A swing high was formed near $11,624 and recently the price corrected lower. It broke the $11,500 level and the 100 hourly SMA. Moreover, there was a spike below $11,400 plus the 23.6% Fib retracement level of the last wave from the $10,995 low to $11,624 high. However, the price found support near the $11,350 level. The 50% Fib retracement level of the last wave from the $10,995 low to $11,624 high also provided support.<\/p>\n At the outset, there is a major contracting triangle forming with resistance near $11,475 on the hourly chart of the BTC\/USD pair. If bitcoin price climbs above the $11,500 resistance, it could start a decent upward move. The price may perhaps gather bullish momentum<\/a> once it clears the recent high near $11,624. On the upside, the next key resistance is near the $12,000 level, above which the price could test the $12,400 level.<\/p>\n Conversely, if there is no upside break, the price may test the triangle support near $11,200. If there is a downside break below the $11,200 support, the price might decline sharply towards the next major support near $10,800.<\/p>\nBitcoin Price Analysis<\/h2>\n