- Bitcoin consolidates the rebound on Sunday before the next leg higher.
- A test of $12K mark remains inevitable amid a potential symmetrical triangle.
- Upside remains more compelling amid a bunch of healthy support levels.
Bitcoin (BTC/USD) sellers continue to lurk above the $11,800 level, limiting the upbeat momentum in the spot so far this Sunday. The most favorite crypto coin consolidates Saturday’s rebound around $11750, almost unchanged on the day, at the time of writing. The market capitalization of the No.1 digital asset stands at $217.17 billion.
BTC/USD: Hourly chart
Following Saturday’s renewed $225 uptick to $11,817 levels, the price has entered a consolidative phase while ranging in a symmetrical triangle formation on the hourly chart.
The spot needs acceptance above the falling trendline resistance at $11,800 to confirm the pattern, opening doors towards the yearly highs of $12,112 and beyond.
En route the yearly tops, the BTC bulls could test Friday’s high at $11,918. The next hurdle is aligned at the $12,000 mark.
The hourly Relative Strength Index (RSI) has turned lower but holds above the midline around 50.50, suggesting that the upside bias still remains intact in the near-term.
Meanwhile, the horizontal 50-hourly Simple Moving Average (HMA) at 11,698 guards the downside. A break below which the upward sloping-100-HMA at $11,670 could be tested once again.
The confluence of the rising trendline support and intraday low near $11,645 will be the next cushion.
Selling pressure could intensify below the latter, opening floors for a test of the 200-HMA at $11,511.
To conclude, given a bunch of healthy support levels stacked up, the path of least resistance appears to the upside.
BTC/USD: Additional levels to watch
|Today last price||11722.91|
|Today Daily Change||-50.66|
|Today Daily Change %||-0.43|
|Today daily open||11774.94|
|Previous Daily High||11817.03|
|Previous Daily Low||11531.59|
|Previous Weekly High||12112.72|
|Previous Weekly Low||10583.38|
|Previous Monthly High||11457.43|
|Previous Monthly Low||8907.52|
|Daily Fibonacci 38.2%||11707.99|
|Daily Fibonacci 61.8%||11640.63|
|Daily Pivot Point S1||11598.68|
|Daily Pivot Point S2||11422.42|
|Daily Pivot Point S3||11313.24|
|Daily Pivot Point R1||11884.11|
|Daily Pivot Point R2||11993.29|
|Daily Pivot Point R3||12169.55|
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