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Bitcoin Price Analysis: Can Technicals Push the Price Above $11,000?

Bitcoin Price Analysis: Can Technicals Push the Price Above $11,000?

Bitcoin plunged from trading highs above $13,000 to test the support at $9,000.
The struggle is expected at $10,800 before the bulls launch an assault on $11,000.

Bitcoin woke up to the weirdly uneventful quiet start of the week’s trading unlike other weeks in the recent past. In less than ten days, Bitcoin plunged from trading highs above $13,000 to test the support at $9,000. The extremely volatile levels last week saw BTC/USD recover above $10,000 later stepping past $11,000 during the weekend trading session.
The 15-minutes chat shows bitcoin having corrected below $11,000 after failing to sustain the gains over the weekend. Besides, support at 23.6% Fib retracement level taken between the last swing high at $11,117 to a swing low of $10,323 marginally above $10,500 failed to offer support.
BTC/USD 15-mins chart
Bitcoin Price Chart | Source: Tradingview
At press time, Bitcoin is trading at $10,493 following a 1% lower correction on the day. The upside is currently limited by the 50 Simple Moving Average (SMA) currently at $10,565 while further movement north will enter resistance at $10,600. The struggle is expected at $10,800 before an assault is launched on $11,000.
In a technical perspective, Bitcoin will continue with the stable movement in the coming sessions. The Moving Average Convergence Divergence (MACD) is currently below the mean line (0.0). A slightly diverging signal to the north shows that the bulls have the upper hand in the near-term. Up and down movements are expected in the coming sessions as well.
However, we can expect Bitcoin to stay between $10,400 support and $10,800 to the upside as long as volatility levels remain relatively stable. It is clear that the bulls are getting exhausted and lack of a breakout past $10,800 limit will eventually result in $10,000 support level being tested.
Bitcoin Key Technical Levels
MACD 1-h chart: The slightly upward diverging signal suggests a bullish bias.
100 SMA: A correction above this level will allow BTC to focus on $11,000.
Key support areas: $10,400 and $10,000.
Critical hurdles: $10,800 and $11,000.
The post Bitcoin Price Analysis: Can Technicals Push the Price Above $11,000? appeared first on Coingape .

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