Bitcoin Price Analysis: BTC Triangle Breakout Tops $11,500

By John Isige
October 12, 2020 Updated October 12, 2020
Best In

Trending Tokens




  • Bitcoin appears to have bottomed out, giving way for gains towards $12,000.
  • The on-chain analysis shows the absence of tough resistance heading to $12,000.

The flagship cryptocurrency eventually broke out above the stubborn resistance at $11,000. The impressive weekend gains extended to $11,500. However, the tremendous bullish pressure appears to have taken a pit stop in the range between $11,200 and $11,500. Meanwhile, BTC/USD is teetering at $11,360 as bulls take a hiatus before resuming the final approach to highs $12,000.

The symmetrical triangle pattern explored on Friday gave the bulls the boost the needed. This triangle pattern illustrates consolidating prices with one trendline connecting the lower highs and another the higher highs. The trendlines tend to merge at some point, but a breakout occurs before the price hits the tip of the triangle.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Despite bullish action stalling at $11,500, Bitcoin appears to be nurturing an uptrend according to the Relative Strength Index. Another approached at $11,500 could result in a breakout, sending Bitcoin to $12,000.

IntoTheBlock IOMAP model highlights decreasing resistance for the bellwether cryptocurrency. In other words, Bitcoin is likely to close the remaining gap towards $12,000. In the meantime, the hurdle at $11,393 – $11,722 must come out of the way. The seller congestion in this zone is brought about by the 1 million addresses that previously bought 648,000 BTC. Gains above this range pave the way for the ultimate rally beyond $12,000.

On the flip side, BTC/USD is sitting on an area with immense support. Therefore, it is doubtful that a significant reversal will take place in the near term. The primary support holds in the range between $10,370 and $10,712. Here, 1.8 million addresses previously purchased 1.2 million BTC.

Bitcoin Intraday Levels

Spot rate: $11,400

Relative change: 30

Percentage change: 0.26%

Trend: Bullish

Volatility: Low

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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story