Bitcoin has bounced over 10% from the lows set two weeks ago at around $9,800. The cryptocurrency, though, still has a crucial level to move above to confirm that a full-blown bullish reversal is in the works.
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Bitcoin Needs to Surmount This Pivotal Level to Confirm Upside
According to Edward “Teddy” Cleps, a crypto analyst and the founder of Yellow Block, Bitcoin must move above the $11,100 horizontal to confirm that the ongoing correction is a bullish reversal.
Cleps shared the chart below on September 20th, accentuating the importance of $11,100 to Bitcoin over recent weeks. As the chart indicates, Bitcoin bounced multiple times at the $11,000 support during last month’s consolidation between $11,000-12,000. BTC managing to confirm that level as support will likely trigger a move towards $12,000.
Cleps explained more about the signifiance of that level when he wrote:
“Trend is bullish as long as it is above the purple box – this dump could be seen as a ‘higher low’. However, lambo season is above that line – let’s break it please.”
Chart of BTC's price action over the past few months with analysis by crypto trader Edward "Teddy" Cleps (@Teddycleps on Twitter). Chart from TradingView.com
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Other analysts have confirmed the importance of the resistances in $11,000-11,200 to Bitcoin’s