- The trend of Bitcoin in the past couple months has not allowed the bulls to be crippled.
- Bitcoin rises above key resistance levels as it stares towards another rally above $11,000.
Bitcoin price bloody drop last week caught investors by surprise. However, the trend of Bitcoin in the past couple months has not allowed the bulls to be crippled. While still vulnerable to losses towards $9,000, Bitcoin buyers attempt a recovery over the last weekend. This saw BTC break several hurdles to settled above $9,700. The support accorded to Bitcoin at this level on Monday became the backbone of the surge to levels above $10,500.
In other news, Craig Wright is preparing to change a Florida state court ruling that is demanding he gives up 50% of all the Bitcoin mined in partnership with Kleiman before 2014. In addition to that, Wright is to handover all the intellectual property (IP). The ruling could see Wright give half of the billions in the BTC fortune.
Bitcoin Confluence Levels
A glance at Bitcoin’s confluence tool, we can tell that the worse is behind us and the future looks positive. The strongest resistance levels have transformed in credible support areas. This means that the path of least resistance is to the upside, at least in the near-term.
The initial significant resistance is placed at $10,507. The zone is home to the SMA 50 1-day, previous high 1-hour and Bollinger Band 15-mins upper. Trading above this level will give BTC a mega boost for smooth ride to the next bump at $10,722. Besides, this level, the only other resistance that will hinder Bitcoin from ascending to $11,200 is $11,153. Further correction towards $12,000 will encounter resistance at $11,260 and $11,583.
On the downside, support areas are in plenty. Initial support is observed at $10,292 followed by $10,184, $10,077. Consequently, the most significant support areas are $9,862 and $9,324.
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