Bitcoin Could Move Above $11,000
Bitcoin, News

Bitcoin Could Move Above $11,000

BTC/USD pair was able to attain a fresh 2020 high at $10,406. However, it is now focusing BTC a new bullish wave over $10.5k in the near term.

In recent times, there was a downside retracement under supports at $10k and $9,850. The price was able to test the $9.7k zone thereby forming a modest support base.

This led to a new upsurge over the $9,850 barrier and the 100 hourly SMA. Further, the bearish channel of the previous day was crossed close to $9,760.

It paved the way for additional upsides over $10k resistance. The price eventually surged past the $10.2k barrier and attained a fresh 2020 high at $10,406. Right now, the pair is correcting gains beneath $10,350.

Notwithstanding, the price is still over $10.2k and a look at the hourly chart of the pair shows the formation of a bullish continuation pattern with barrier close to $10,385.

A successful surge above the triangle barrier as well as $10.4k may bring in more gains ahead. The immediate barrier is close to $10.5k and a move over it could lead to $10.8k and $11k.

A look at the downside reveals the formation of several supports close to $10,200. However, another retracement beneath $10.2k may lead to the support zone at $10,050.

The immediate key support is observed close to $9,970 since it is near the 100 hourly SMA. Any additional declines could bring about a powerful downside towards $9.5k.

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.

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