Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is currently correcting lower towards key supports.
- Bitcoin gained pace and traded to a new weekly high at $11,176.
- The price is currently correcting below $11,000, but it is well above the 100 simple moving average (4-hours).
- There are two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above $11,000 as long as there is no close below $10,800.
Bitcoin Turns Green
This past week, bitcoin started a steady rise above the $10,650 and $10,800 resistance levels against the US Dollar. BTC even broke the $11,000 level and settled well above 100 simple moving average (4-hours).
A new weekly high is formed near $11,176 and the price is currently correcting lower. There was a break below the $11,050 and $11,000 levels. Bitcoin even traded below the 50% Fib retracement level of the recent increase from the $10,818 low to $11,176 high.
On the downside, there are couple of important supports near the $10,800 level. There are also two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC/USD pair.
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