Bitcoin Could Move Above $11,000
In recent times, there was a downside retracement under supports at $10k and $9,850. The price was able to test the $9.7k zone thereby forming a modest support base.
This led to a new upsurge over the $9,850 barrier and the 100 hourly SMA. Further, the bearish channel of the previous day was crossed close to $9,760.
It paved the way for additional upsides over $10k resistance. The price eventually surged past the $10.2k barrier and attained a fresh 2020 high at $10,406. Right now, the pair is correcting gains beneath $10,350.
Notwithstanding, the price is still over $10.2k and a look at the hourly chart of the pair shows the formation of a bullish continuation pattern with barrier close to $10,385.
A successful surge above the triangle barrier as well as $10.4k may bring in more gains ahead. The immediate barrier is close to $10.5k and a move over it could lead to $10.8k and $11k.
A look at the downside reveals the formation of several supports close to $10,200. However, another retracement beneath $10.2k may lead to the support zone at $10,050.
The immediate key support is observed close to $9,970 since it is near the 100 hourly SMA. Any additional declines could bring about a powerful downside towards $9.5k.