TA: Bitcoin Just Saw Key Technical Correction, But 100 SMA Is Still Strong

TA: Bitcoin Just Saw Key Technical Correction, But 100 SMA Is Still Strong


Bitcoin price extended its rise above the $11,500 resistance against the US Dollar. BTC is correcting lower from $11,700, but it is likely to find support near the 100 hourly SMA.

Bitcoin broke the key $11,500 resistance level and traded to a new weekly high at $11,724. The price is currently correcting lower below $11,500, but it is above the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $11,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase as long as it is above the $11,200 support and the 100 hourly SMA. Bitcoin Price Remains Strong

After a couple of failed attempts, bitcoin price finally broke the $11,500 resistance against the US Dollar (as discussed yesterday). BTC even surpassed the $11,650 level and settled well above the 100 hourly simple moving average.

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It traded to a new monthly high near $11,724

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