RATE Group | This Technical Pattern Indicates Bitcoin Could Soon Surge Past $11K
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This Technical Pattern Indicates Bitcoin Could Soon Surge Past $11K

12 Feb This Technical Pattern Indicates Bitcoin Could Soon Surge Past $11K

Posted at 06:04h in Bitcoin News by

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Bitcoin price revered losses and climbed to a new 2020 high at $10,406 against the US Dollar. BTC is now eyeing another bullish wave above $10,500 in the near term.

  • Bitcoin is gaining bullish momentum above the $10,000 and $10,200 resistance levels against the US Dollar.
  • The price is likely to continue higher above $10,400 and $10,500 in the near term.
  • There is a bullish continuation pattern forming with resistance near $10,385 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are chances of a bullish break above the $10,406 high and $10,500.

Bitcoin Rally Could Extend Further

Recently, we saw a downside correction in bitcoin below the $10,000 and $9,850 support levels against the US Dollar. BTC price tested the $9,700 area and formed a decent support base.

As a result, there was a fresh increase above the $9,850 resistance and the 100 hourly simple moving average. Moreover, yesterday’s declining channel was breached near the $9,760 level.

It opened the doors for…

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