Another Rally For BTC Seems In Sight
A downside correction from the $10k zone of BTC/USD began. The pair’s price returned to the downside beneath $10.2k but remained over the significant 100 hourly SMA.
The pair tried to rise above the $10.5k barrier recently. However, it could not move higher and a short-term high close to $10,519 formed.
The price eventually fell to the downside beneath $10.4k. Moreover, looking at the pair’s hourly chart reveals a break of the upstream channel from the previous day with support near $ 10,360.
It paved the way for further declines, and the price moved below the USD 10.2K support. It made it to nearly $ 10,000, but the hourly 100-SMA is a robust bullish zone.
The price hit a low near $ 10,057 and is now consolidating within this range.
BTC Running Towards $11k
The direct support on the downside is close to $10.1k. A slight lower movement could keep up the downside move. The downside move could cause a price retest of the $9,890 support zone in the near term.
Due to this, the pair may incur more gains through an upsurge of over $10.3k. Besides, the price must propel over $10,325 to retest the $10.5k barrier.
A central contracting triangle with a barrier close to $10,290 is a critical observation point. On the same chart, the downside shows that the triangle support is near the $10,180 level.
In conclusion, an upsurge of over $10.5k could establish momentum for a run to $11k.