/Bitcoin is About to See Strong “Liftoff” if It’s Able to Hold One Crucial Level

Bitcoin is About to See Strong “Liftoff” if It’s Able to Hold One Crucial Level

Bitcoin price is trading in a bullish zone above the $11,600 support against the US Dollar. BTC is likely to gain strong momentum above $11,800 as long as it is above $11,550.

  • Bitcoin is following a nice bullish path above the $11,550 and $11,600 support levels.
  • The price is facing hurdle near $11,800, but it is well above the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $11,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to rally above $11,800 and $12,000 as long as it is above the $11,550 support.

Bitcoin Price Showing Bullish Signs

There was a strong positive move in bitcoin price above the $11,500 resistance against the US Dollar. BTC climbed above the $11,550 resistance and settled well above the 100 hourly simple moving average.

It traded as high as $11,784 and recently started a downside correction. There was a break below the $11,650 support, but the price remained well bid above the $11,550 support. A low is formed near $11,533 and the price is currently rising.

It broke the $11,650 resistance level to start a fresh upward move. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $11,784 high to $11,533 low.

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Bitcoin price trades above $11,600. Source: TradingView.com

It seems like there is a crucial bullish trend line forming with support near $11,580 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $11,725 level. It is close to the 76.4% Fib retracement level of the recent decline from the $11,784 high to $11,533 low.

If bitcoin climbs above the $11,725 resistance, it is likely to break the recent high and the $11,800 resistance. The next key resistance on the upside is near the $12,000, above which the price is likely to accelerate higher.

Dips Supported in BTC?

If there is no upside break above the $11,800 resistance, bitcoin price might correct lower. An initial support is near the trend line and the $11,600 level.

The main support is still near the $11,550 and $11,500 levels, below which the price is likely to move into a short-term bearish zone.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising and it is above the 50 level.

Major Support Levels – $11,600, followed by $11,550.

Major Resistance Levels – $11,800, $11,850 and $12,000.

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