{"id":392211,"date":"2019-08-05T06:00:34","date_gmt":"2019-08-05T06:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=392211"},"modified":"2024-06-11T12:54:46","modified_gmt":"2024-06-11T12:54:46","slug":"bitcoin-price-btc-up-8-dips-supported","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-up-8-dips-supported\/","title":{"rendered":"Bitcoin Price Hits $11.5K Target: BTC Up 8%, Dips Well Supported"},"content":{"rendered":"<ul>\n<li>Bitcoin price rallied more than 8% and climbed towards $11,500 against the US Dollar.<\/li>\n<li>The price traded as high as $11,646 and it is currently correcting gains.<\/li>\n<li>There is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is trading with a positive bias and dips remain well supported near $11,500 and $11,200.<\/li>\n<\/ul>\n<p><em>There were solid gains in bitcoin price above $11,000 against the US Dollar. BTC price is up more than 8%, broke the $11,200 hurdle, and it tested the $11,500 resistance area.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past two days, there was a steady rise above $10,500 in bitcoin price above $10,000 against the US Dollar. The BTC\/USD pair settled above the $11,000 resistance and the 100 hourly simple moving average to move into a positive zone. Moreover, the price broke the $11,200 resistance and tested the $11,500 resistance (<a href=\"https:\/\/wncen.com\/2019\/08\/04\/bitcoin-btc-price-weekly-forecast-can-bulls-aim-11-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">as discussed in the weekly forecast<\/a>). The recent rise was strong as the price traded to a new weekly high at $11,646.<\/p>\n<p>At the outset, the price is consolidating gains near the $11,500 level. An immediate support is near the $11,500 and $11,450 levels. Moreover, the 23% Fib retracement level of the recent rally from the $10,841 low to $11,646 high is also near the $11,450 level to act as a strong support. If there is an <a href=\"https:\/\/wncen.com\/2019\/08\/02\/bitcoin-price-btc-usd-bullish-acceleration\/\" target=\"_blank\" rel=\"noopener noreferrer \">extended downside correction<\/a>, the next support for the bulls could be near the $11,200 level.<\/p>\n<p>Additionally, the 50% Fib retracement level of the recent rally from the $10,841 low to $11,646 high could also provide support near the $11,250 level. The main support zone is near the $11,000 level, which was a resistance earlier and now it could provide support. More importantly, there is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Therefore, if there is a downside correction, the price might find strong bids near $11,250 or $11,000. On the upside, an immediate resistance is near the $11,650 swing high. A successful break above $11,650 might open the doors for a move towards the $12,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392212\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is showing a lot of positive signs above the $11,200 and $11,500 levels. The price action suggests that there could be a short term downside correction before more gains above the $11,650 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is placed heavily in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the overbought zone.<\/p>\n<p>Major Support Levels \u2013 $11,450 followed by $11,200.<\/p>\n<p>Major Resistance Levels \u2013 $11,650, $11,800 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price rallied more than 8% and climbed towards $11,500 against the US Dollar. The price traded as high as $11,646 and it is currently correcting gains. There is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is trading with a positive bias and dips remain well supported near $11,500 and $11,200. There were solid gains in bitcoin price above $11,000 against the US Dollar. BTC price is up more than 8%, broke the $11,200 hurdle, and it tested the $11,500 resistance area. Bitcoin Price Analysis In the past two days, there was a steady rise above $10,500 in bitcoin price above $10,000 against the US Dollar. The BTC\/USD pair settled above the $11,000 resistance and the 100 hourly simple moving average to move into a positive zone. Moreover, the price broke the $11,200 resistance and tested the $11,500 resistance (as discussed in the weekly forecast). The recent rise was strong as the price traded to a new weekly high at $11,646. At the outset, the price is consolidating gains near the $11,500 level. An immediate support is near the $11,500 and $11,450 levels. Moreover, the 23% Fib retracement level of the recent rally from the $10,841 low to $11,646 high is also near the $11,450 level to act as a strong support. If there is an extended downside correction, the next support for the bulls could be near the $11,200 level. Additionally, the 50% Fib retracement level of the recent rally from the $10,841 low to $11,646 high could also provide support near the $11,250 level. The main support zone is near the $11,000 level, which was a resistance earlier and now it could provide support. More importantly, there is a key bullish trend line forming with support near $10,900 on the hourly chart of the BTC\/USD pair. Therefore, if there is a downside correction, the price might find strong bids near $11,250 or $11,000. On the upside, an immediate resistance is near the $11,650 swing high. A successful break above $11,650 might open the doors for a move towards the $12,000 level. Looking at the chart, bitcoin price is showing a lot of positive signs above the $11,200 and $11,500 levels. The price action suggests that there could be a short term downside correction before more gains above the $11,650 level. Technical indicators: Hourly MACD \u2013 The MACD is placed heavily in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the overbought zone. Major Support Levels \u2013 $11,450 followed by $11,200. Major Resistance Levels \u2013 $11,650, $11,800 and $12,000.<\/p>\n","protected":false},"author":67,"featured_media":344595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-392211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Hits $11.5K Target: BTC Up 8%, Dips Well Supported<\/title>\n<meta name=\"description\" content=\"There were solid gains in bitcoin price above $11,000 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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