- After a downside correction, bitcoin price fond support near the $10,800 level against the US Dollar.
- There was a decent recovery in the past two sessions and the price traded above $11,300.
- There is a key bearish trend line forming with resistance near $11,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Ethereum is still trading below $300 and ripple price is struggling to climb higher.
Bitcoin price is showing positive signs above the $11,200 level against the US Dollar. BTC could surge higher once it breaks the $11,600 resistance level in the near term.
Bitcoin Price Analysis
Recently, we saw a downside correction in bitcoin price below $11,200 and $11,000 against the US Dollar. The BTC/USD pair spiked below the $10,800 level, but later recovered nicely. There was a successful close above the $11,000 pivot level to start a decent upward move. Besides, losses were limited in Ethereum, ripple and other altcoins, but they failed to climb similar to BTC.
The price is now trading nicely above the $11,200 level and the 100 hourly simple moving average. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $12,055 swing high towards the $10,800 support area. The price is now trading above the $11,500 level, but facing resistance near the $11,600 level. Moreover, there is a key bearish trend line forming with resistance near $11,600 on the hourly chart of the BTC/USD pair.