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This Technical Pattern Indicates Bitcoin Could Soon Surge Past $11K

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Bitcoin price revered losses and climbed to a new 2020 high at $10,406 against the US Dollar. BTC is now eyeing another bullish wave above $10,500 in the near term. Bitcoin is gaining bullish momentum above the $10,000 and $10,200 resistance levels against the US Dollar. The price is likely to continue higher above $10,400 and $10,500 in the near term. There is a bullish continuation pattern forming with resistance near $10,385 on the hourly chart of the BTC/USD pair (data feed from Kraken). There are chances of a bullish break above the $10,406 high and $10,500. Bitcoin Rally Could Extend Further Recently, we saw a downside correction in bitcoin below the $10,000 and $9,850 support levels against the US Dollar. BTC price tested the $9,700 area and formed a decent support base. As a result, there was a fresh increase above the $9,850 resistance and the 100 hourly simple moving average. Moreover, yesterday’s declining channel was breached near the $9,760 level. It opened the doors for more gains above the $10,000 barrier. Finally, bitcoin rallied above the $10,200 resistance and traded to a new 2020 high at $10,406. It is currently correcting gains below $10,350. It tested the 23.6% Fib retracement level of the recent surge from the $9,709 low to $10,406 high. However, the price remained well bid above the $10,200 level. More importantly, there is a bullish continuation pattern forming with resistance near $10,385 on the hourly chart of the BTC/USD pair. Bitcoin Price A clear break above the triangle resistance and $10,400 could accelerate gains in the coming sessions. The next resistance is near $10,500, above which the price is likely to surge towards the $10,800 and $11,000 levels. Dips Remain Supported On the downside, there are many supports forming near the $10,200 level. If bitcoin starts another correction below $10,200, it could slide towards the $10,050 support area. The 50% Fib retracement level of the recent surge from the $9,709 low to $10,406 high is near the $10,050 level to act as a decent support. The next major support is seen near the $9,970 level since it is close to the 100 hourly simple moving average. Any further losses may perhaps start a strong decline towards $9,500. 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 well above the 65 level. Major Support Levels – $10,200 followed by $10,050. Major Resistance Levels – $10,400, $10,500 and $11,000. The post appeared first on NewsBTC.

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Aayush Jindal, Khareem Sudlow