RATE Group | Bitcoin’s Price May Be Building for a Move Back Above $11K
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Bitcoin’s Price May Be Building for a Move Back Above $11K

03 Aug Bitcoin’s Price May Be Building for a Move Back Above $11K

Posted at 05:20h in Bitcoin News by

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  • Bitcoin has jumped to $10,500 as expected and looks set to test key resistance at $11,120 over the weekend with the daily chart indicators beginning to align in favor of the bulls.
  • The outlook as per the daily chart would turn bullish if BTC prints a UTC close above $11,120 on the back of high volumes.
  • Prices may pullback to key supports at $10,318 and $10,172 first, as the hourly chart is reporting bearish divergence of key indicators.

Bitcoin (BTC) is flashing green for the fourth consecutive day and could test key resistance above $11,000 over the weekend.

The top cryptocurrency by market value is currently trading at $10,530 on Bitstamp – up 1.10 percent on the daily opening price of $10,417.  Prices rose 1, 5 and 3 percent on Tuesday, Wednesday and Thursday, respectively.

Bitcoin’s repeated rebound from sub-$9,400 levels in the 13 days to July 29 likely indicates seller exhaustion. Another strong sign of bearish exhaustion emerged in the form of a…

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