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BTC Consolidation Around $11,000 Can End In a Weekend Breakout?

2 min


Since the great spike from three days prior, though Bitcoin tried $12,000 once more, Bitcoin had seen a double bottom (4-hour diagram) at $10,800.

Is the formation still bullish? The reality of the situation will become obvious eventually. From the hopeful side, Bitcoin had made a higher low on the 4-hour time span ($10,800). For the present moment, if the last doesn’t separate, we are still in the green.

Plus, looking on the daily graph, we can see that the mid-term rising pattern line is stopping. As long as it maintains, the bulls can smile.

Adding to the abovementioned, Bitcoin is seeing a diminishing amount of volume, and diminishing value activity, which is probably going to end soon with a value move. This additionally lines up with the way that it’s currently end of the week. Bitcoin wants to demonstrate its volatility during ends of the week.

Complete Market Cap: $322 billion Bitcoin Market Cap: $202 billion BTC Dominance Index: 62.6%

Presently What?

– Support/Resistance:

From the bullish side, Bitcoin is confronting the critical $11,500 – $11,600 resistance level. Breaking the last and the following target lies at $11,800 (descending pattern line, 4-hour diagram), before coming to again the $12,000 level (which is the high from two days back). Further above, lies $12,500 before the 2019 high at $13,500 – $13,880.

From the bearish side, the closest support lies at $11,200. Prior to the $11K, and the $10,800 (the low from yesterday). Breakig down the last, alongside the rising mid-term pattern line on the daily outline, and the momentary will turn bearish. Further beneath falsehoods $10,600, $10,300 and $9,800. What’s more, to make reference to the $9,400 earlier high (from June), alongside the daily chart’s 50-days moving average line.

– Daily chart’s RSI: Looking on the RSI, it keeps up the bullish territory over 50. In any case, in the event that that Bitcoin will defeat $12,000, we should look that there will be no negative divergence , subsequently, a RSI of over 62-63. The Stochastic RSI oscillator is as yet sitting tight for a bullish cross-over and entering the bullish territory . This can ignite the following Bitcoin rally.

– Trading Volume: talked about above.

– BitFinex open short positions: Following the odd drop in shorts, the quantity of open positions is currently at 10.9K BTC positions, which is the highest level during the previous five days.

BTC/USD BitStamp 4-Hour Chart

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BTC/USD BitStamp 1-Day Chart

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