Bitcoin Bulls Arriving at the House of Resistance

Pratik Chadhokar
Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • BTC after touching the level of $10,530 it rose to the level of $11,690 and trading at the level of $11,480 
  • The coin gains 0.99% in the last 24-hours and gains 7.20% over the last seven days 
  • Bitcoin dominance stands at 58.4% 
source: Tradingview
source: Tradingview

Bitcoin gives a bullish momentum after touching the support level of $10,530. The coin makes highs and lows over the monthly chart after touching the support. The coin is in the bullish momentum reaching near the minor resistance level of $11,600 and major resistance is $12,050. While the support level for crypto asset is $11,245 and $10,990.

The total market capitalization of Bitcoin is $212,514,371,000 and the volume traded in the last 24-hours is $28,663,739,025, however, its dominance stands at the level of 58.4%. The better global sentiment helps the crypto asset to recover the price of it.

source: Tradingview

Relative Strength Index (RSI) chart of the coin is trading above the level of 50 which indicates the bullish nature of the coin and trading at the 63 RSI level that help the coin to continue to trade in an uptrend with respect to support and resistance over the chart. The Commodity Channel Index (CCI) also indicates the bullish move in the coin as it trades in the bullish zone.

source: Tradingview
Source: Tradingview

Underneath that, the 200 EMA is overlapping with the 0.382 Fibonacci level at $10,836 over the 4-hour timeframe, which should also create a solid platform for bullish traders to recover from if Bitcoin attempts to break back into its former range.

Support level: $11,245 and $10,990.

Resistance: $11,600 and major resistance is $12,050.

Dominance: 5b8.4%

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