Bitcoin Could Move Above $11,000

News / 12.02.2020

BTC/USD pair was able to attain a fresh 2020 high at $10,406. However, it is now focusing BTC a new bullish wave over $10.5k in the near term.

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.

 

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.