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Bitcoin Price (BTC) Settles Above $10.5K: $11.2K Is Reaction Zone
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Bitcoin Price (BTC) Settles Above $10.5K: $11.2K Is Reaction Zone

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
technical analysis bitcoin

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  • There were strong gains in bitcoin price above $10,500 and $11,000 against the US Dollar.
  • The price struggled to stay above the $11,200 and $11,000 levels, and it recently corrected lower.
  • There was a break below a major bullish trend line with support near $10,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on the downside near the $10,600 and $10,500 levels.

Bitcoin price is currently consolidating between $10,500 and $11,100 against the US Dollar. BTC price is holding the key $10,500 support and it could start a fresh increase.

Bitcoin Price Analysis

This past week, we saw a strong rise in bitcoin price above the $10,000 resistance level against the US Dollar. Moreover, the BTC/USD pair even broke the $10,500 level settled above the 100 hourly simple moving average. A new 2019 high was formed above $11,200 at $11,293 before the price started a downside correction. There was a break below the $11,000 support level to start a short term downside correction.

Moreover, there was a break below a major bullish trend line with support near $10,750 on the hourly chart of the BTC/USD pair. The pair even broke the $10,600 level before the bulls appeared above the $10,500 level. A swing low was formed near $10,523 and bitcoin price is currently moving higher. It is trading above the $10,700 level and the 23.6% Fib retracement level of the recent decline from the $11,293 high to $10,523 low.

On the upside, an immediate resistance is near the $10,900 level. It coincides with the 50% Fib retracement level of the recent decline from the $11,293 high to $10,523 low. Therefore, if there is an upside break above the $10,900 level, the price could even climb above $11,000. The next key resistances are near the $11,200 and $11,250 levels, above which the price might climb towards the $11,500 level.

On the downside, the main supports are $10,600 and $10,500, below which there is a risk of an extended decline in bitcoin. Besides, the next key support is near the $10,380 level, followed by the all-important $9,960 pivot level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly facing an uphill task near the $11,200 and $11,250 levels. Overall, if the bulls remain in action, they might be able to push the price above the $11,200 and $11,250 levels. In the mentioned bullish case, the next aim for them could be near $11,500 or even $12,000.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, with positive signs.

Major Support Levels – $10,600 followed by $10,500.

Major Resistance Levels – $10,900, $11,000 and $11,200.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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