- The Bitcoin price recently rebounded above the important resistance range of $ 10,000 against the US dollar.
- The price is currently well above the level of 10,600 USD and could rise further in the short term.
- There is a major uptrend trendline formation with support near $ 10,200 on the BTC / USD hourly hourly chart (Kraken's data feed).
- The pair should continue to rise above the $ 11,000 mark to see a solid uptrend.
Bitcoin price gains more than 10% in the last 24 hours and broke $ 10,000 against the US dollar. BTC is expected to continue towards 11,000 and 12,000 USD levels.
Bitcoin Price Analysis
Yesterday we saw a solid move up $ 9,500 over the Bitcoin price against the US dollar. The BTC / USD remained in a positive zone and recently rebounded above the main resistance of $ 1
The recent increase was convincing, with over $ 10,000 showing strong follow-up. The bulls are currently in action despite the recent downward correction. It has broken support from $ 10,700 and the 23.6% retracement level of the recent rally from its low of $ 9,853 to a high of $ 10,903. The decline was, however, protected by the $ 10,400 support.
It seems that the 50% retracement level of the recent rally has been a strong support from $ 9,853 to $ 10,903. In addition, there is an important bullish trendline with support near $ 10,200 on the BTC / USD hourly hourly chart. The pair is currently trading higher, trading above the $ 10,600 level. On top is an immediate hurdle near the $ 10,800 level above which the price could trade towards the $ 11,000 level.
If the bulls remain in action, the price may even rise above $ 11,000 and $ 11,200. On the other hand, there are many supports near the levels of 10,600 and 10,400 USD. The main support currently stands at $ 10,000.
Looking at the chart, the Bitcoin price is clearly in a strong uptrend above $ 10,000. If there are more profits, the price could even test the next major resistance near $ 12,000. On the other hand, the previous resistances near $ 9,800 and $ 9,500 are now pivot levels. Only a daily close below $ 9,500 could trigger a significant decline.
Hourly MACD – The MACD is currently heavily bullish.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently in the extremely overbought zone.
Key Support Levels – $ 10,600, followed by $ 10,400.
Major Resistance Levels – $ 10,800, $ 11,000 and $ 11,200.