Bitcoin Technical Analysis: BTC/USD sets a new 2020-high at $11,450

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

Lorenzo Stroe Independent Analyst

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

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

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.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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