Bitcoin price is holding an important support near the $11,230 level against the US Dollar. BTC is likely to rally above $11,500 as long as it is above the $11,000 pivot level.
- Bitcoin started a downside correction after it failed to clear the $11,600 resistance zone.
- The price is still trading well above the $11,000 pivot level and the 100 simple moving average (4-hours).
- There is a declining channel or a bullish flag pattern forming with resistance near $11,450 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong upward move once it clears the main $11,450 and $11,500 resistance levels.
Bitcoin Holding Key Support
This past week, bitcoin attempted a fresh upside break above the $11,550 and $11,600 resistance levels against the US Dollar. However, the BTC/USD pair failed to gain traction above $11,600.
A high was formed near $11,627 before the price started a fresh decline. It broke the $11,500 support level and retested the main $11,200 support zone. A low is formed near $11,200 and the price is currently correcting higher.
There was a break above the $11,300 level. Bitcoin is still trading well above the $11,000 pivot level and the 100 simple moving average (4-hours). It surpassed the 23.6% Fib retracement level of the recent decline from the $11,627 high to $11,200 low.
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