- Bitcoin defies Saturday’s bearish odds, as the journey towards $11,800 resumes.
- A potential bull flag spotted on the 15-minutes chart.
- BTC/USD trades above all major SMAs in the given timeframe.
After Saturday’s temporary pullback, Bitcoin (BTC/USD) has resumed its recovery momentum from Thursday’s sell-off to $11,125. The widely-traded crypto coin finally surpassed the $11,600 barrier, as the bulls remain in control near six-day highs this Sunday. Bitcoin gains 1.20% to trade around 11,600, as we write. The market capitalization of the No.1 digital asset increased to $214.64 billion vs. Saturday’s $212.57 billion.
BTC/USD: 15-minutes chart
BTC/USD held onto the robust support at $11,420 and from there it staged a solid comeback on Saturday. In early Sunday, the rebound received fresh legs after the price witnessed a $130 spike to six-day highs of $11,649 in a matter of 15 minutes.
The latest rally and the following consolidation have carved out a bull flag formation on the 15-minutes chart. It’s usually a bullish continuation pattern.
Therefore, a break above the falling trendline resistance at 11,624 would validate the pattern, calling for a test of the target at $11,809.
Ahead of the pattern target, the bulls will face stiff resistance at $11,768, August 25 high.
On the flip side, a breach of the falling trendline support at $11,581 could prompt a reversal towards the immediate downside target at $11,569, which is the 21-Simple Moving Average (SMA).
The next supports await at the bullish 50-SMA and 100-SMA, now placed at $11,541 and $11,522 respectively.
Further south, the upward-sloping 200-SMA at $11,493 could challenge the bears’ commitment.
To conclude, the upside appears more compelling amid the bullish technical set up, especially with the Relative Strength Index (RSI) trading above the 50 level. Additionally, the coin trades above all the major SMAs on the given timeframe, backing the bullish case.
BTC/USD: Additional levels to watch
|Today last price||11589.06|
|Today Daily Change||114.40|
|Today Daily Change %||1.00|
|Today daily open||11474.66|
|Previous Daily High||11583.71|
|Previous Daily Low||11423.79|
|Previous Weekly High||11824.83|
|Previous Weekly Low||11113.43|
|Previous Monthly High||11457.43|
|Previous Monthly Low||8907.52|
|Daily Fibonacci 38.2%||11484.88|
|Daily Fibonacci 61.8%||11522.62|
|Daily Pivot Point S1||11404.39|
|Daily Pivot Point S2||11334.13|
|Daily Pivot Point S3||11244.48|
|Daily Pivot Point R1||11564.31|
|Daily Pivot Point R2||11653.97|
|Daily Pivot Point R3||11724.23|
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.