{"id":446084,"date":"2020-10-12T04:08:52","date_gmt":"2020-10-12T04:08:52","guid":{"rendered":"https:\/\/wncen.com\/?p=446084"},"modified":"2024-06-11T14:06:56","modified_gmt":"2024-06-11T14:06:56","slug":"bitcoin-gearing-for-another-upside-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-gearing-for-another-upside-break\/","title":{"rendered":"TA: Bitcoin Likely Gearing For Another Upside Break: Rally Isn’t Over Yet"},"content":{"rendered":"
Bitcoin price surged above $11,000 and $11,200 against the US Dollar. BTC is now consolidating gains and it seems to be preparing for another rally above $11,500.<\/em><\/p>\n Bitcoin price started a strong upward move<\/a> after it broke the $11,000 resistance against the US Dollar. BTC even cleared the $11,200 resistance and settled well above the 100 hourly simple moving average.<\/p>\n It traded to a new monthly high near $11,495 before starting a short-term downside correction. There was a break below the $11,400 level, plus the price traded below the 23.6% Fib retracement level of the upward move from the $11,025 low to $11,494 high.<\/p>\n However, the bulls were able to protect the $11,250 support level. The 50% Fib retracement level of the upward move from the $11,025 low to $11,494 high also acted as a strong support.<\/p>\n <\/a><\/p>\n It seems like there is a key contracting triangle forming with resistance near $11,420 on the hourly chart of the BTC\/USD pair. The pair is currently trading near the triangle resistance and attempting an upside break above $11,400.<\/p>\n If there is a clear break above the $11,420 level, the price could even surpass the $11,500 resistance. In the stated case, there are chances of a fresh rally and the price could rise towards the $12,000 level in the near term.<\/p>\n Bitcoin is likely to find support near the $11,250 and $11,200 levels. If there is a downside break below the triangle support, there are chances of a larger correction below $11,200.<\/p>\n\n
Bitcoin Price is Showing Positive Signs<\/h2>\n
Bitcoin price settles above $11,250. Source: TradingView.com<\/a><\/pre>\n
Dips Now Supported in BTC?<\/h2>\n