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Bitcoin Price Analysis: BTC/USD Hunting For Explosive Breakout, Is $11,200 The Rendezvous?

Bitcoin price recovers slightly from a setback to $10,250 support; more upside expected in the near term. If Bitcoin flips the 50 SMA into support; a symmetrical triangle breakout could propel it to $11,200. Bitcoin price continues to trade in consolidation between the support at $10,000 and the resistance at $10,400. Following the initial breakdown under $10,000, the flagship cryptocurrency has explored lows at $10,400. However, recovery has only made it above $10,400 ones while the resistance at $10,500 has never been broken. On Thursday, Bitcoin came close enough to break the resistance at $10,400 but the seller congestion gave…

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 Bitcoin Technical Analysis: BTC Blasts Through Triangle Resistance, All Eyes On $10,800

Bitcoin bulls are working hard to nurture momentum above $10,300. BTC/USD is focused on climbing above $10,400 resistance and grinding to $10,800 after triangle breakout. Following Bitcoin price breakdown from levels marginally above $12,000, the flagship cryptocurrency has been stuck below $10,400. On the downside, $10,000 is mostly strong support but there are occasions where Bitcoin has dipped to lower levels as far as $9,800. At the time of writing, BTC is doddering at $10,304 after a subtle 0.75% growth in its value on Wednesday, September 10, 2020. BTC/USD 1-hour chart Read more BTC/USD price chart by Tradingview Meanwhile, the…

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Bitcoin Technical Analysis: Why Are BTC/USD Chances Of Hitting $12,000 Again Narrowing?

Bitcoin recovers from last week’s lows at $11,100 over the weekend but fails to rise above $11,800. Bitcoin bulls are seeking support above $11,600 in a bid to keep the focus on $12,000. Following a short term double-top pattern I discussed on Monday, Bitcoin as expected, recovered above several key seller congestion zones including at $11,400, $11,500 and $11,600. The largest cryptocurrency extended the bullish action above $11,700 but lost steam before hitting $11,800. Meanwhile, Bitcoin is trading at $11,685 after suffering another rejection from the levels traded marginally above $11,800. Buyers are working hard to ensure that BTC stays…

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