- BTC/USD reentrance into the zone above $10,000 marked the beginning of another bullish phase.
- Bitcoin must rise above $11,000 resistance for further correction past $12,000 and towards $15,000.
Bitcoin weekend surge overwhelmed the stubborn resistance at $10,000. BTC/USD reentrance into the zone above $10,000 marked the beginning of another bullish phase that pushed the largest digital asset on the market past $11,000. A high was formed at $11,285.17 (on Coinbase) before Bitcoin retreated towards the newly established support at $10,400.
Bitcoin Price Analysis – BTC/USD 4-h chart
At press time, Bitcoin is exchanging hands at $10,784 supported by the short-term ascending channel. Most indicators have bullish signals, suggesting continued upside movement for Bitcoin in the sessions today and the coming few days.
Although the Relative Strength Index (RSI) has retreated from the levels shown over the weekend, the indicator is holding a position at 65, way above the average. Moreover, the RSI is pointing upwards to show that the current momentum towards $11,000 has strength.
The Moving Average Convergence Divergence (MACD) has avoided the negative region since the declines in the first week of June. In fact, over the weekend The MACD rose to levels above +400 on the 4-hour chart. Currently, the indicator is holding ground at 358 amid a building bullish momentum.
Also Read: Bitcoin [BTC] Bullish Momentum in Full Steam, Analysts Weigh-in with their Opinions
Bitcoin must rise above $11,000 resistance for further correction past $12,000. This would allow the bulls to target $15,000 in the medium-term as predicted by the co-founder of Gemini exchange, Tyler. As far as support is concerned $10,400 is key while the next significant support is observed at $9,200, $8,800 and $8,000.
In other news, Peter Brandt, a popular technical analyst in the crypt space recently remarked that Bitcoin is going through its “fourth parabolic phase” following the correction above $10,000. He adds that Bitcoin is looking forward $100,000.
Bitcoin Key Technical Levels
Support 1: $10,400
Support 2: $9,200
Resistance 1: $11,000
Resistance 2: $11,285
RSI 4-h: Sitting way above the average at 65.
MACD: Current levels suggest continued upside movement.