- BTC /USD hits fresh five-week highs to test $11,500 levels.
- A symmetrical triangle spotted on the daily chart.
- A daily closing above $11,080 key for additional upside.
Bitcoin (BTC/USD) is on a track to book four straight days of gains this Saturday, amid the upbeat mood seen across the crypto space. The most favorite crypto coin trades close to the highest levels in five weeks at $11,498, adding 3% so far. Despite the recent rally, some analysts view Bitcoin’s surge as a dead cat bounce or fake-out before substantial declines. At the press time, Bitcoin enjoys a market capitalization of $210.82 billion.
BTC/USD: Daily chart
As observed on the daily chart, BTC/USD has carved out a potential symmetrical triangle breakout, with the bullish formation likely to be confirmed only a daily closing above the falling trendline resistance at $11,080.
The 14-day Relative Strength Index (RSI) points north while trending below the overbought territory, suggesting that there is more room to the upside. Adding credence to the positive bias, the MACD has formed a strong bullish bar on Saturday.
The price has recaptured all the key Daily Moving Averages (DMA), backing the bullish case.
Therefore, the bulls could regain momentum and eye a test of the next critical barrier at the $12K mark before the spot embarks upon its journey to take on the pattern target near $13,300 levels.
Alternatively, any profit-taking declines could confront the former trendline resistance now turned support at 11,080, below which the 50-DMA support at $10,856 could come into play.
The next fierce support awaits around $10,700, which is the convergence of the horizontal 21 and 100-DMAs.
BTC/USD: Additional levels to watch
|Today last price||11388.25|
|Today Daily Change||332.02|
|Today Daily Change %||3.00|
|Today daily open||11056.2|
|Previous Daily High||11111.27|
|Previous Daily Low||10833.62|
|Previous Weekly High||11111.27|
|Previous Weekly Low||10525.58|
|Previous Monthly High||12072.72|
|Previous Monthly Low||9829.75|
|Daily Fibonacci 38.2%||11005.21|
|Daily Fibonacci 61.8%||10939.68|
|Daily Pivot Point S1||10889.46|
|Daily Pivot Point S2||10722.71|
|Daily Pivot Point S3||10611.8|
|Daily Pivot Point R1||11167.11|
|Daily Pivot Point R2||11278.02|
|Daily Pivot Point R3||11444.77|
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.