BTC Needs to Surpass the $11,500 Resistance Level to Resume ...
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BTC Needs to Surpass the $11,500 Resistance Level to Resume Its Rally

After the recent sharp downside correction, the BTC/USD pair remained stable above $10,500. The BTC price later started a fresh increase and climbed above the $11,000 resistance zone. The upward move enabled BTC to enter into the positive zone, as the bulls were able to push the price above the $11,200 level and the 100 hourly simple moving average (SMA). 

Moreover, the price spiked above the 50% Fib retracement level of the key sharp decline from the $12,115 high to $10,590 swing low. It seems like there is a key ascending channel forming on the hourly chart of the BTC/USD pair, with support near $11,200. The hourly MACD for the pair is slowly struggling to gain pace in the bullish zone. Its hourly RSI (Relative Strength Index) is currently just above the 50 level.

On the upside, the pair is also facing a major hurdle close to the $11,450 and $11,500 resistance levels. The 61.8% Fib retracement level of the key sharp decline from the $12,115 high to $10,590 swing low is also near the $11,533 level. To start any decent upward move, the bulls must clear the $11,500 resistance zone. If they succeed, the price could easily revisit the $11,800 level. The next major resistance is also close to the $12,000 level. Any further gains could lead the price towards the $12,200 level in the coming sessions.

On the other hand, the channel support is seen near the $11,200 level, acting to prevent more losses. If there is a downside break below the channel support, the BTC price might decline further towards the $11,000 level. The next major support is near the $10,840 level, below which the price is likely to revisit the crucial $10,500 support zone in the coming sessions. An intermediate support could be close to the $10,700 level.

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.