Bitcoin has been trading around $10,500 for the last few days as price levels begin to form rising support. The question remains as to whether enough volume will enter Bitcoin in order for price levels to break up-wards through key resistance at $11,00o.


Bitcoin 1-Hour Analysis

xbt1h

On the 1 hour chart for XBT/USD, we can see rising support has formed around the current market price. If this support breaks to the downside we should expect a re-test of $9,500 support. However, there’s a strong chance price levels will break above $10,800. If we do see a break to the upside price levels will likely head back above $13,000.

Both the 50 MA and 200 EMA crossed up over each other when Bitcoin price surpassed the trend line visible around $10,000. MACD seems to have lost momentum after spiking to the upside as mentioned in my previous analysis on Bitcoin. If MACD crosses down it’s likely the rising support around the market price will also break to the downside.

Volume remains sporadic right now with levels spiking and stagnating. In…

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Source: https://thebitcoinnews.com/bitcoin-price-analysis-breakout-to-11000-looming/