Bitcoin technical analysis: BTC/USD making use of consolidation phase to launch an attack on $11,000
|- Bitcoin is struggling to hold on to the 1% increase on Friday amid a broad-based shallow recovery in the market.
- The buyers have the upper hand but still uncertain of their ability to crack though $10,800 resistance.
Spot rate: $10,690
Relative change: 114.8050
Open: $10,575.71
High: $10,722.45
Low: $10,564.64
Trend: Bearish
BTC/USD daily chart
Bitcoin price stays above the 50-day Simple Moving Average as an indication of a stronger upside and a protected downside.
Bitcoin breakout above the two-months long descending trend is likely to elevate it to levels around $12,000.
BTC/USD 4-hour chart
Bitcoin price is likely to stay in the range between $10,400 and $10,800 longer than expected.
The week-long trendline will be important in the event $10,800 hurdle becomes impenetrable.
Bitcoin’s major support remains between $9,400 and $9,200.
BTC/USD 1-hour chart
Potential for upward correction depends on the ability of the bulls to defend 50 SMA support as well as stay above $10,500 level.
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