Bitcoin (BTC) Price Weekly Forecast: Can Bulls Aim $11.5K?
- There was a decent rise in bitcoin price above the $10,500 resistance level against the US Dollar.
- The price climbed higher and even broke the key $10,650 and $10,800 resistance levels.
- There is a major ascending channel forming with support at $10,700 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is climbing higher and it could continue to rise above the $11,000 resistance area.
Bitcoin price is gaining momentum above $10,500 against the US Dollar. BTC price is likely to extend gains above the $11,000 and $11,200 resistance levels.
Bitcoin Price Weekly Analysis (BTC)
In the past few days, there was a steady rise in bitcoin price above the $10,200 resistance against the US Dollar. The BTC/USD pair climbed higher and gained traction above the $10,500 and $10,800 resistance levels. There was a sustained close above the $10,200 resistance and the 100 simple moving average (4-hours). A swing high was formed near $10,940 and the price is currently correcting lower.
An immediate support is near the $10.750 level. Moreover, there is a major ascending channel forming with support at $10,700 on the 4-hours chart of the BTC/USD pair. Below the channel support, the 23.6% Fib retracement level of the last upward move from the $9,125 low to $10,941 high might act as a support. Additionally, the main support is near the $10.500 level, below which there are chances of an extended decline in the near term.
The next major support is near the $10,200 and $10,000 support levels. The 50% Fib retracement level of the last upward move from the $9,125 low to $10,941 high is also likely to act as a support. Moreover, the 100 SMA is also near the $10,050 level, which is likely to act as a strong support. On the upside, there is a key resistance near the $11,000 level.
If there is an upside break above the $11,00 level, there are chances of more gains. If there is a successful close above the $11,000 resistance, the next stop for the bulls could be near the $11,200 level. Overall, any further upsides will most likely push the price towards the $11,500 and $11,650 levels.
Looking at the chart, bitcoin price is showing a lot of positive signs above the $10,200 support and the 100 SMA. Therefore, as long as the price is above the $10,200 pivot level, the price is likely to continue higher and the bulls might aim $11.2K or $11.5K.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slowly moving back in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.
Major Support Level – $10,500
Major Resistance Level – $11,000
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Aayush Jindal, Khareem Sudlow
