Bitcoin in the last few hours it has gained bullish momentum and broke the $ 11.000 resistance. Currently the criptovaluta it is consolidating gains above $ 11.200 and this could be good leverage to extend its upside to $ 12.000.
Sure, the BTC / USD pair may well correct lower, but buyers are likely to remain active near the $ 11.200 and $ 11.000 support levels.
In short, last week it is easy to remember that Bitcoin made a few attempts to overcome the resistance levels of 10.800 and 11.000 dollars, and that the bulls eventually gained strength, so much so that the price has risen significantly above the 11.000 dollars.
The recent rally started after a break above a major contracting triangle with resistance near $ 10.750 on the 4-hour chart of the BTC / USD pair. The upward movement was such that the price broke the $ 11.200 resistance.
Then, the price tested the $ 11.500 zone and formed a new monthly high around that threshold. The price is now trading well above $ 11.200 and the simple moving average at 100 (on the 4-hour chart).
Currently, there appears to be a short-term bullish continuation pattern forming with a resistance near $ 11.400. On the downside, the triangle support is near $ 11.250.
At this point, if there is a break to the upside above the $ 11.400 level, the price is likely to break above the $ 11.500 level too. The next big hurdle for the bulls would be the one near the $ 11.800 level. Any further gains could lead Bitcoin towards the $ 12.000 resistance level.
Conversely, should Bitcoin begin a downward correction, the support of the triangle at $ 11.250 could provide good support. The next major support would be near the $ 11.200 level. A break below the $ 11.250 and $ 11.200 support levels could begin a steady decline towards the $ 11.000 support.