Bitcoin price is up over 2% and it broke the main $11,560 resistance against the US Dollar. BTC is now struggling near $11,800, but it is likely to continue higher.
- Bitcoin is gaining momentum, and it broke the $11,500 and $11,560 resistance levels.
- The price is currently testing the $11,800 resistance and it is well above the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher above $11,800 as long as it is above the $11,560 support.
Bitcoin Price Gains 2%
Bitcoin price remained stable above the $11,350 and $11,400 levels. As a result, BTC gained bullish momentum above the $11,500 and $11,560 resistance levels.
The price even climbed above the $11,700 level and the 100 hourly simple moving average to move into a positive zone. It traded to a new weekly high at $11,839 before it started a downside correction. There was a break below the $11,750 level.
Bitcoin is now trading below the 23.6% Fib retracement level of the recent rally from the $11,425 low to $11,839 high. It seems like there is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair.
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