Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

4yrs ago Crypto newsbtc Views: 221

  • There were sharp gains in BTC to USD above the $10,000 level against the US Dollar.
  • The price traded to a new 2019 high above the $11,000 level at $11,234.
  • There is a key bullish trend line forming with support near $10,550 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading above the $9,000 level and it could continue higher towards the $10,000 level.

Bitcoin price is surging and it recently topped near the $11,200 level against the US Dollar. BTC could consolidate in the short term before a fresh increase above $11,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price started a strong rally above the $8,500 and $9,000 resistances against the US Dollar. The BTC/USD pair even gained strength above the $10,000 and $10,500 levels. Finally, there was a break above the $11,000 level and the price settled well above the 100 simple moving average (4-hours). Finally, the price formed a new 2019 high near $11,200 and recently started a downside correction.

It declined below $11,000 and $10,800. However, the $10,400 level acted as a decent support and a swing low was formed at $10,363. The price is currently moving higher and it trading near the $10,700 level. It is above the 23.6% Fib retracement level of the recent correction from the $11,234 high to $10,363 low. However, it seems like the $10,800 and $10,950 levels are currently capping gains.

The 50% Fib retracement level of the recent correction from the $11,234 high to $10,363 low is also preventing gains. If there is a successful break above $10,950 and a follow through above $11,000, the price is likely to resume its uptrend. The next key resistances are near $11,200 and $11,500. If bitcoin price continues to rise, it could even test the key $12,000 level in the near term.

On the downside, there are many supports near $10,500. Moreover, there is a key bullish trend line forming with support near $10,550 on the 4-hours chart of the BTC/USD pair. If bitcoin slides below the trend line, it could revisit the $10,200 and $10,000 support levels.

-

Looking at the chart, bitcoin price seems to be currently correcting gains. It remains well supported above $10,000 and there are chances of a fresh increase above $11,000. The bulls are likely to target further gains and just like the 2017 bull-run, the price might soon accelerate above $11,200.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly reducing its bullish slope.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone, with a few bearish signs.

Major Support Level – $10,500

Major Resistance Level – $11,000

Bitcoin (BTC) Price Tops $11.2K, Short Term Correction Before Higher on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.