Story by: John Isige
- Bitcoin is trading at $11,890 after retreating from highs slightly above $12,000.
- Bitcoin has significant support above $10,000: Hinting further growth in the near-term.
Bitcoin embarked on an upward move on Monday following three days of ranging between $11,750 – $11,400. Gradual correction north later found support and a boost at a confluence formed by the 50 Simple Moving Average (SMA) 1-h, the 100 SMA 1-h, and the ascending trendline as discussed in the price analysis.
At the time of writing, Bitcoin is trading at $11,890 after retreating from highs slightly above $12,000. The FXStreet confluence detector tool shows Bitcoin immediate resistance at $11,977. The indicators converging to form the confluence range from the Previous High 15-mins, Pivot Point 1-D R2, Bollinger Band 1-h Upper and the Previous High 1-h.
A sustained correction above the $12,000 will come face to face with the resistance at $12,224 highlighted by the Previous week high, $12,348 highlighted by the PP 1-D R3 and PP 1-W R1. Any further gains will remain uninterrupted until the price hits $12,968 hurdle before the parabolic rise zooms above $13,000.
On the downside, the first significant support is placed at $11,481 by the confluence detector tool, an area that is host to the SMA 5 1-D, SMA 100 1-h, Previous Low 4-h, SMA 10 4-h, 38.2% Fib level 1-M, and 200 SMA 15-mins. In case the price reverses the trend significantly, the bulls will seek refuge at $11,223, $10,985 and $10,737.
Original story: https://tinyurl.com/y2u27pnwby