Bitcoin price extended its rise above the $10,800 resistance against the US Dollar. However, BTC is struggling to clear the all-important $11,000 barrier and it could decline sharply.
- Bitcoin traded above the $10,700 and $10,800 resistance levels.
- The price is still trading well below the $11,000 barrier, but above the 100 hourly simple moving average.
- There is a crucial contracting triangle forming with resistance near $10,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either break the $11,000 barrier or decline sharply below the $10,650 support region.
Bitcoin Price is Approaching Crucial Resistance
There was an upside extension in bitcoin price above the $10,700 resistance against the US Dollar. BTC even broke the $10,800 resistance level and settled nicely above the 100 hourly simple moving average.
The price traded as high as $10,935 and it seems like the $11,000 barrier is already in play. Bitcoin is down more than $200 from the recent high and it tested the $10,650 support. A low is formed near $10,671 and the price is currently consolidating losses.Bitcoin price trades above $10,800. Source:
If there is an upside break above the $10,800 resistance, the price could break the $10,935 high and continue higher. On the upside, there is a major hurdle waiting for the bulls near the $11,000 level (as discussed in the weekly analysis). A successful close above the $11,000 resistance is must to start a strong increase.