Bitcoin Price Breaks Strong Resistance! Here are the Next Goals

Bitcoin price rose above the $ 11,500 resistance against the US dollar. According to renowned analyst Aayush Jindal, Bitcoin price is correcting below the $ 11,700 level, but it is likely to find support near the 100 hourly SMA.

• Bitcoin price broke the $ 11,500 resistance level and rose to a new weekly high of $ 11,724.
• The price is currently correcting below $ 11,500, but above the 100 hourly simple moving average.
• There is a bullish trend line formed on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near $ 11,320.
• As long as the pair is above the $ 11,200 support and the 100 hourly SMA, it could start a new increase.

Bitcoin price rose strongly and broke $ 11,500!

After several unsuccessful attempts, Bitcoin price finally broke the $ 11,500 resistance against the US dollar (as discussed yesterday). BTC even surpassed the $ 11,650 level and settled well above the 100 hourly simple moving average. Before starting a short-term downside correction, BTC rose to a new monthly high near $ 11,724. Then there was a break below the $ 11,600 and $ 11,500 levels.

Currently, BTC is testing the 50% Fib retracement level of the recent increase from $ 11,199 to $ 11,724. The first major support is near the $ 11,400 level, according to the analyst. This level is near the 61.8% Fib retracement level of the recent increase from $ 11,199 to $ 11,724. Also, there is an uptrend line formed with support near $ 11,320 on the hourly chart of the BTC / USD pair.

Here are the levels that Bitcoin can see in the coming sessions.

On the upside, the price faces a short-term resistance at $ 11,500. The next key resistance is near the $ 11,700 level, but the main hurdle for the bulls is near $ 11,800. According to the analyst, a break above $ 11,800 could increase the chances of breaking above $ 12,000. In case of a bearish, Bitcoin is likely to find support near the $ 11,400 level or the bullish trend line.

The 100 hourly simple moving average is also close to the $ 11,300 level. The main support is likely to form around $ 11,200 (this week’s base), below which the bears are likely to strengthen. The next key support below $ 11,200 is near the $ 11,000 level, according to the analyst.

Current view of Bitcoin price with technical indicators

Hourly MACD: The MACD for the BTC / USD pair is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently falling and near the 50 level.

Major Support Levels: $ 11,400 followed by $ 11,300.

Major Resistance Levels: $ 11,500, $ 11,700 and $ 11,800.