Bitcoin Is Not Ready To Move above $11,000
BTC/USD continued its upside move towards the hurdle at $10.5k. At the moment, the pair is revealing exhaustion signals and it may decline by a few points prior to more upsides.
This week, the pair was able to bounce back over the hurdle at $10k. The price continued to the upside, thereby breaking the hurdle at $10.2k and the 100 hourly SMA.
In recent times, the bulls pushed the price towards the barrier at $10.5k, but they could not secure bullish momentum. The price was able to form a fresh 2020 high close to $10,492 and it is now correcting lower.
The first support is close to $10.4k but the initial major support is observed close to $10,350. A look at the hourly chart of BTC against the USD revealed the formation of a short-term ascending channel with support close to $10,350.
A look at the upside shows that a strong barrier appears to be facing the pair close to $10.5k. The buyers appear to be exhausted and there could be a short-term retracement beneath $10,350.
On the downside, the major support is close to $10.2k, where the buyers could become active. Any additional declines could lead to the major $10.1k support zone.
Following the completion of the current retracement wave, the price could return to the upside over $10,450 and $10.5k. If the price moves over $10.5k, the next target could be towards the $11k resistance.
An intermediate barrier may be $10.8k. Generally, the pair’s price action hints at the likelihood of a minor decline towards $10.2k or $10.1k prior to a run towards $11k.