- 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|
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.