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{"id":436533,"date":"2020-08-28T04:08:33","date_gmt":"2020-08-28T04:08:33","guid":{"rendered":"https:\/\/wncen.com\/?p=436533"},"modified":"2024-06-11T14:15:41","modified_gmt":"2024-06-11T14:15:41","slug":"bitcoin-could-rally-above-11500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-rally-above-11500\/","title":{"rendered":"Bitcoin Could Rally Above $11,500 As Double Bottom Pattern Emerges"},"content":{"rendered":"

Bitcoin price is forming a strong support and a possible double bottom near $11,140 against the US Dollar. BTC is likely to rally if it clears the $11,500 resistance.<\/em><\/p>\n

\n
Bitcoin is showing a few positive signs above the $11,140 and $11,200 support levels.<\/li>\n
The price is still struggling to clear the $11,500 resistance and the 100 hourly simple moving average.<\/li>\n
There is a crucial bearish trend line forming with resistance near $11,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely forming a strong support and a possible double bottom pattern near $11,140.<\/li>\n<\/ul>\n
Bitcoin Price Forming A Bullish Breakout Pattern?<\/h2>\n
Yesterday\u2019s fed drama and the US GDP release sparked strong moves in bitcoin price near $11,400 against the US Dollar. BTC climbed higher above $11,500 and the 100 hourly simple moving average<\/a>.<\/p>\n
However, it failed to gain momentum and quickly reversed gains to trade below $11,400. It even broke the $11,200 level and revisited the last swing low zone and support near $11,140.<\/p>\n
The bulls were able to defend more losses below $11,140 and the price started a fresh increase. It seems like there is likely forming a strong support and a possible double bottom pattern near $11,140. Bitcoin is now trading above $11,300, and the 50% Fib retracement level of the recent decline from the $11,597 high to $11,129 low.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades above $11,350. Source: TradingView.com<\/a><\/pre>\n
On the upside, the price is still struggling to clear the $11,500 resistance and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $11,420 on the hourly chart of the BTC\/USD pair.<\/p>\n
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $11,597 high to $11,129 low. If there is a successful close above the $11,400 and $11,500 resistance levels, the price is likely to start a strong rally. The next major resistance is near the $11,800 level, above which bitcoin could revisit $12,000.<\/p>\n
Another Failure in BTC?<\/h2>\n
If bitcoin fails to continue higher above the $11,400 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,280 and $11,250 levels.<\/p>\n
The main support is now forming near the $11,140 level, below which the double bottom pattern will invalidate and the price might dive<\/a> towards $10,800.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now moving nicely above the 50 level.<\/p>\n
Major Support Levels \u2013 $11,280, followed by $11,140.<\/p>\n
Major Resistance Levels \u2013 $11,400, $11,500 and $11,550.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is forming a strong support and a possible double bottom near $11,140 against the US Dollar. BTC is likely to rally if it clears the $11,500 resistance. Bitcoin is showing a few positive signs above the $11,140 and $11,200 support levels. The price is still struggling to clear the $11,500 resistance and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $11,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely forming a strong support and a possible double bottom pattern near $11,140. Bitcoin Price Forming A Bullish Breakout Pattern? Yesterday\u2019s fed drama and the US GDP release sparked strong moves in bitcoin price near $11,400 against the US Dollar. BTC climbed higher above $11,500 and the 100 hourly simple moving average. However, it failed to gain momentum and quickly reversed gains to trade below $11,400. It even broke the $11,200 level and revisited the last swing low zone and support near $11,140. The bulls were able to defend more losses below $11,140 and the price started a fresh increase. It seems like there is likely forming a strong support and a possible double bottom pattern near $11,140. Bitcoin is now trading above $11,300, and the 50% Fib retracement level of the recent decline from the $11,597 high to $11,129 low. Bitcoin price trades above $11,350. Source: TradingView.com On the upside, the price is still struggling to clear the $11,500 resistance and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $11,420 on the hourly chart of the BTC\/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $11,597 high to $11,129 low. If there is a successful close above the $11,400 and $11,500 resistance levels, the price is likely to start a strong rally. The next major resistance is near the $11,800 level, above which bitcoin could revisit $12,000. Another Failure in BTC? If bitcoin fails to continue higher above the $11,400 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,280 and $11,250 levels. The main support is now forming near the $11,140 level, below which the double bottom pattern will invalidate and the price might dive towards $10,800. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now moving nicely above the 50 level. Major Support Levels \u2013 $11,280, followed by $11,140. Major Resistance Levels \u2013 $11,400, $11,500 and $11,550.<\/p>\n","protected":false},"author":67,"featured_media":436535,"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-436533","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 Could Rally Above $11,500 As Double Bottom Pattern Emerges<\/title>\n<meta name=\"description\" content=\"Bitcoin price is forming a strong support and a possible double bottom near $11,140. 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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 Could Rally Above $11,500 As Double Bottom Pattern Emerges","url":"http:\/\/wncen.com\/news\/bitcoin-could-rally-above-11500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-could-rally-above-11500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_214581778.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_214581778.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":"2020-08-28T04:08:33Z","datePublished":"2020-08-28T04:08:33Z","dateModified":"2024-06-11T14:15:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Could Rally Above $11,500 As Double Bottom Pattern Emerges\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-could-rally-above-11500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-could-rally-above-11500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_214581778.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_214581778.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\":\"2020-08-28T04:08:33Z\",\"datePublished\":\"2020-08-28T04:08:33Z\",\"dateModified\":\"2024-06-11T14:15:41Z\"}<\/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\/shutterstock_214581778.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436533"}],"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=436533"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436535"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Another Failure in BTC?<\/h2>\nIf bitcoin fails to continue higher above the $11,400 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,280 and $11,250 levels.<\/p>\n