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- The crypto king’s significant positive rally has been halted by the resistance level of $11560.00
- BTC provided bullish signals after breaking above the price level of $11500.00
- The BTC dominance remains at 58.30%
Bitcoin gained significant positive momentum from the starting of this month due to the price levels reaching its critical support area of $10200.00 in the previous month and also with the improving global market sentiments.
The weekly chart of Bitcoin highlights a positive rally developed by the bulls which started from the price level of $ 10500.00 and ended up gaining $1000. The CMP is at $11421.32 with the market capitalization of $ 211,490,860,488 and the 24-hour volume traded of $ 23,341,527,367.
The current price corrections activity is looking not so significant in the market as BTC has reclaimed the crucial mark of $11400 on Wednesday’s trading session with the help of the major support level of $11200.
Technical Levels Facing Negative Momentum Amid Price Corrections For BTC
The technical chart highlights the significant downtrend faced by BTC from the past month which is followed by developing price recovery action this month. Currently, BTC is facing resistance which is placed at 0.786fib level. On the downside, it has major support which is placed at 0.236fib level respectively.
The relative strength index is on a downturn and trying to sustain the bullish levels. The current level stands at 56.94 and should avoid any downfall below 40.00.
The commodity channel index is also showcasing negative momentum but should avoid downfall to the oversold region which can result in a long stay of the bears. The current level stands at 4.08.
The directional movement index is also losing its bullish nature as ADX(24.55) is looking to have a possible crossover with +DI(22.76). The levels should avoid a crossover between ADX and -DI in any case.
Can The Bulls Make A Comeback For BTC?
Looking at the price momentum and trends of BTC, we might expect the bulls to bounce back from here as it has already reclaimed the safe mark of $11400.00 after touching the day low of $11300.00. Only a majority of downfall in other cryptoassets can give the bears more time for BTC.
RESISTANCE LEVEL: $11560.00
SUPPORT LEVEL: $11200.00
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Mr. 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 has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
