Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over

Bitcoin
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Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over

  • Bitcoin defends $10,500 support on Monday paving the way for gains above $11,000.
  • Technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.

Bitcoin bulls are currently at their strongest since this year started. Bitcoin did not only surprise many by breaking the key resistance at $10,000, BTC/USD also formed new 2019 highs 11,279. Meanwhile, the intraday charts show bitcoin having corrected up 2.11% on Monday considering that it opened the session at $10,833. Retreat from the opening price tested the support at $10,500 but formed a low at $10,550.87 before correcting to the intraday high of $11,094.87.

BTC/USD 15-mins chart

Bitcoin price Chart
Chart source: Tradingview

The 15-minutes chart shows the largest crypto by market capitalization above the 61.8% Fib retracement level taken between the last drop from $11,279.36 to a low of $10,378.50. Slightly bearish momentum is forming towards $11,000 while Bitcoin is exchanging hands at $11,010.

On the upside, bullish momentum is immediately limited by the resistance at the intraday high ($11,094). If Bitcoin manages to clear this resistance $11,100 will be the next pivotal position. A break above this level could pave the way for another assault on $12,000. Besides, technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.

Also Read: ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?

The Moving Average Convergence Divergence (MACD) has recovered from the low levels reached earlier today at -59.10 to the current +47.02. This recovery means that the buyers are gaining traction. Moreover, the upward momentum is supported by the Relative Strength Index (RSI), which is forming a higher low pattern in addition to being above average at the time of writing.

As far support is concerned $11,000 is the immediate support. The 100 Simple Moving Average (SMA) 15-mins will function as another support line currently at $10,845.50 (just above the 50% Fibo). Other key support areas to look out for include $10,800, $10,600 and $10,500.

Bitcoin Key Technical Indicators

RSI: Higher low pattern formation shows BTC potential for further recovery above $11,000.

MACD: Higher levels from Monday lows suggests continuing bullish momentum.

100 SMA confluence with 50% Fibo: key support at $10,845.

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Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over
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Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over
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Bitcoin defends $10,500 support on Monday paving the way for gains above $11,000. Technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 302 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @