Bitcoin Key Indicators Suggest A Strengthening Case For Rally Above $11.5K

Bitcoin Key Indicators Suggest A Strengthening Case For Rally Above $11.5K


Bitcoin price is holding an important support near the $11,230 level against the US Dollar. BTC is likely to rally above $11,500 as long as it is above the $11,000 pivot level.

Bitcoin started a downside correction after it failed to clear the $11,600 resistance zone. The price is still trading well above the $11,000 pivot level and the 100 simple moving average (4-hours). There is a declining channel or a bullish flag pattern forming with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong upward move once it clears the main $11,450 and $11,500 resistance levels. Bitcoin Holding Key Support

This past week, bitcoin attempted a fresh upside break above the $11,550 and $11,600 resistance levels against the US Dollar. However, the BTC/USD pair failed to gain traction above $11,600.

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A high was formed near $11,627 before the price started a fresh decline. It broke the

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