Bitcoin price is slowly rising and it is now trading above $11,400 against the US Dollar. BTC is a bit hesitant, but further gains above $11,550 seems very likely.
- Bitcoin is showing a few positive signs above the $11,350 and $11,400 levels.
- The price is currently facing hurdles near $11,560, but it is above the 100 hourly simple moving average.
- There is a key rising channel forming with support near $11,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher above $11,560 as long as it is above the $11,300 support.
Bitcoin Price is Rising Steadily
After forming a support base above $11,300, bitcoin price started a slow and steady increase. BTC cleared the $11,400 resistance and the 100 hourly simple moving average to move into a positive zone.
During the rise, there was a break above a connecting bearish trend line with resistance near $11,420 on the hourly chart of the BTC/USD pair. The price even spiked above the $11,500 resistance, but it seems to be facing hurdles near $11,560.
A high is formed near $11,540 and the price is currently correcting lower. There was a break below the $11,500 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $11,257 low to $11,540 high.
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