• BTC/USD just climbed above $11,450, setting a new 2020-high.
  • The bullish momentum is notably strong but healthy consolidation is needed.

Bitcoin has been trading inside a daily uptrend for the past week but has not consolidated just yet. This is not necessarily bad as the breakout above $10,000 was extremely important. The next resistance level is all the way up at $12,000, a psychological level followed by $12,300, a two-year high.

BTC/USD daily chart

BTCUSD

Bitcoin price is currently at $11,443 and the daily bull flag is on the verge of a breakout, however, we could see a small rejection since Bitcoin is already quite overextended. The daily RSI is still around 82 points and trading volume has been decreasing since July 28. 

BTC/USD 4-hour chart

btcusd

BTC is getting rejected from the high at $11,457 and will need to hold the 26-EMA which has been untouched for the entire duration of the bull rally.

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