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{"id":434074,"date":"2020-08-11T03:48:19","date_gmt":"2020-08-11T03:48:19","guid":{"rendered":"https:\/\/wncen.com\/?p=434074"},"modified":"2024-06-11T14:14:54","modified_gmt":"2024-06-11T14:14:54","slug":"bitcoin-price-holds-strong-11500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-holds-strong-11500\/","title":{"rendered":"Bitcoin Price Holds Strong Above $11,500: A Strong Case for Upside"},"content":{"rendered":"

Bitcoin bounced back sharply after testing the $11,500 support zone against the US Dollar. BTC is likely to accelerate higher above $12,000 as long as it is above the 100 hourly SMA.<\/em><\/p>\n

\n
Bitcoin is trading well above the $11,800 and $11,500 support levels.<\/li>\n
The price is facing a couple of hurdles near the $12,000 and $12,080 levels.<\/li>\n
There was a break above a key bearish trend line with resistance near $11,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above the 100 hourly simple moving average to clear the $12,000 resistance.<\/li>\n<\/ul>\n
Bitcoin Price is Holding Uptrend<\/h2>\n
After forming a short-term top near $12,080<\/a>, bitcoin price corrected lower against the US Dollar. BTC broke the $11,800 support level and dived more than $500. It traded close to the $11,500 support area, where the bulls appeared.<\/p>\n
A swing low is formed near $11,536 and recently the price bounced back sharply. It climbed back above the $11,800 resistance and the 100 hourly simple moving average<\/a>. The bulls pushed the price above the 50% Fib retracement level of the sharp decline from the $12,084 high to $11,536 swing low.<\/p>\n
Moreover, there was a break above a key bearish trend line with resistance near $11,880 on the hourly chart of the BTC\/USD pair. The pair is currently approaching the $11,950 and $12,000 levels.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price trades above $11,800. Source: TradingView.com<\/a><\/pre>\n
The 76.4% Fib retracement level of the sharp decline from the $12,084 high to $11,536 swing low could act as an immediate resistance in the near term at $11,950. A clear break above the $11,950 level could increase the chances of a push above the $12,000 level.<\/p>\n
The next resistance is near the $12,080 level, above which the bulls are likely to aim more upsides above the $12,200 and $12,250 levels.<\/p>\n
100 SMA Holds The Key For BTC<\/h2>\n
If bitcoin fails to reclaim the $12,000 resistance, it could correct lower in the short term. A key support seems to be forming near the $11,700 level and the 100 hourly SMA.<\/p>\n
If there is a downside break below the $11,700 support and the 100 hourly SMA, the price could retest the $11,500 support zone. Any further gains could lead the price towards $11,200.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n
Major Support Levels \u2013 $11,700, followed by $11,500.<\/p>\n
Major Resistance Levels \u2013 $11,950, $12,000 and $12,080.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin bounced back sharply after testing the $11,500 support zone against the US Dollar. BTC is likely to accelerate higher above $12,000 as long as it is above the 100 hourly SMA. Bitcoin is trading well above the $11,800 and $11,500 support levels. The price is facing a couple of hurdles near the $12,000 and $12,080 levels. There was a break above a key bearish trend line with resistance near $11,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the 100 hourly simple moving average to clear the $12,000 resistance. Bitcoin Price is Holding Uptrend After forming a short-term top near $12,080, bitcoin price corrected lower against the US Dollar. BTC broke the $11,800 support level and dived more than $500. It traded close to the $11,500 support area, where the bulls appeared. A swing low is formed near $11,536 and recently the price bounced back sharply. It climbed back above the $11,800 resistance and the 100 hourly simple moving average. The bulls pushed the price above the 50% Fib retracement level of the sharp decline from the $12,084 high to $11,536 swing low. Moreover, there was a break above a key bearish trend line with resistance near $11,880 on the hourly chart of the BTC\/USD pair. The pair is currently approaching the $11,950 and $12,000 levels. Bitcoin price trades above $11,800. Source: TradingView.com The 76.4% Fib retracement level of the sharp decline from the $12,084 high to $11,536 swing low could act as an immediate resistance in the near term at $11,950. A clear break above the $11,950 level could increase the chances of a push above the $12,000 level. The next resistance is near the $12,080 level, above which the bulls are likely to aim more upsides above the $12,200 and $12,250 levels. 100 SMA Holds The Key For BTC If bitcoin fails to reclaim the $12,000 resistance, it could correct lower in the short term. A key support seems to be forming near the $11,700 level and the 100 hourly SMA. If there is a downside break below the $11,700 support and the 100 hourly SMA, the price could retest the $11,500 support zone. Any further gains could lead the price towards $11,200. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level. Major Support Levels \u2013 $11,700, followed by $11,500. Major Resistance Levels \u2013 $11,950, $12,000 and $12,080.<\/p>\n","protected":false},"author":67,"featured_media":434076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-434074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Price Holds Strong Above $11,500: A Strong Case for Upside<\/title>\n<meta name=\"description\" content=\"Bitcoin bounced back sharply after testing the $11,500 support zone against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Holds Strong Above $11,500: A Strong Case for Upside","url":"http:\/\/wncen.com\/news\/bitcoin-price-holds-strong-11500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-holds-strong-11500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_180246254_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_180246254_s-2019.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-08-11T03:48:19Z","datePublished":"2020-08-11T03:48:19Z","dateModified":"2024-06-11T14:14:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Holds Strong Above $11,500: A Strong Case for Upside\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-holds-strong-11500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-holds-strong-11500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/Depositphotos_180246254_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/Depositphotos_180246254_s-2019.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-08-11T03:48:19Z\",\"datePublished\":\"2020-08-11T03:48:19Z\",\"dateModified\":\"2024-06-11T14:14:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/Depositphotos_180246254_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/434074"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=434074"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/434074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/434076"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=434074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=434074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=434074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}