- Bitcoin consolidates the rebound on Sunday before the next leg higher.
- A test of $12K mark remains inevitable amid a potential symmetrical triangle.
- Upside remains more compelling amid a bunch of healthy support levels.
Bitcoin (BTC/USD) sellers continue to lurk above the $11,800 level, limiting the upbeat momentum in the spot so far this Sunday. The most favorite crypto coin consolidates Saturday’s rebound around $11750, almost unchanged on the day, at the time of writing. The market capitalization of the No.1 digital asset stands at $217.17 billion.
Technical Overview
BTC/USD: Hourly chart
Following Saturday’s renewed $225 uptick to $11,817 levels, the price has entered a consolidative phase while ranging in a symmetrical triangle formation on the hourly chart.
The spot needs acceptance above the falling trendline resistance at $11,800 to confirm the pattern, opening doors towards the yearly highs of $12,112 and beyond.
En route the yearly tops, the BTC bulls could test Friday’s high at $11,918. The next hurdle is aligned at the $12,000 mark.
The hourly Relative Strength Index (RSI) has turned lower but holds above the midline around 50.50, suggesting that the upside bias still remains intact in the near-term.
Meanwhile, the horizontal 50-hourly Simple Moving Average (HMA) at 11,698 guards the downside. A break below which the upward sloping-100-HMA at $11,670 could be tested once again.
The confluence of the rising trendline support and intraday low near $11,645 will be the next cushion.
Selling pressure could intensify below the latter, opening floors for a test of the 200-HMA at $11,511.
To conclude, given a bunch of healthy support levels stacked up, the path of least resistance appears to the upside.
BTC/USD: Additional levels to watch
BTC/USD
OVERVIEW | |
---|---|
Today last price | 11722.91 |
Today Daily Change | -50.66 |
Today Daily Change % | -0.43 |
Today daily open | 11774.94 |
TRENDS | |
---|---|
Daily SMA20 | 10735.08 |
Daily SMA50 | 9836.96 |
Daily SMA100 | 9611.57 |
Daily SMA200 | 8796.23 |
LEVELS | |
---|---|
Previous Daily High | 11817.03 |
Previous Daily Low | 11531.59 |
Previous Weekly High | 12112.72 |
Previous Weekly Low | 10583.38 |
Previous Monthly High | 11457.43 |
Previous Monthly Low | 8907.52 |
Daily Fibonacci 38.2% | 11707.99 |
Daily Fibonacci 61.8% | 11640.63 |
Daily Pivot Point S1 | 11598.68 |
Daily Pivot Point S2 | 11422.42 |
Daily Pivot Point S3 | 11313.24 |
Daily Pivot Point R1 | 11884.11 |
Daily Pivot Point R2 | 11993.29 |
Daily Pivot Point R3 | 12169.55 |