Bitcoin price analysis: BTC getting ready for another leg higher
|- Bitcoin is consolidating gains after a strong upside move.
- The next major resistance is created by the recent high of $11,200.
Bitcoin (BTC) is changing hands at $10,700. The first digital asset experienced strong growth on the weekend and hit an area above $11,000 for the first time since March 2018 before entering a consolidation phase.
While the price has been oscillating in a tight range for the best part of Sunday, the situation may change once the Asian players join the market.
Looking technically, the initial resistance is created by $20,850 with the upper boundary of 1-hour Bollinger Band located on approach. Once it is out of the way, the upside momentum will gain traction and take the price towards psychological $11,000. The next resistance awaits at the recent high of $11,207.
On the downside, the support is seen at $10,580. This barrier is created by SMA50 (Simple Moving Average) on 1-hour timeframe, and followed by the lower line of Bollinger Band.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.