Regal Secrets

Secret: BTC (Bitcoin) Price Ready Rise Above $11K

September 6, 2019

“Somebody’s trying to game the trading algorithms, other bitcoin and cryptocurrency analysts were quick to join Schei in pointing to potential market manipulation.”

Bitcoin price is trading in an uptrend above $10,600 against the US Dollar. BTC surge once there is a successful break above the $10,800 and $11,000 resistances.

Bitcoin Price Analysis

Yesterday, there were further upsides in BTC above the $10,750 resistance area against the US Dollar. The price even broke the $10,800 level and settled above the 100 hourly simple moving average. A new monthly high was formed near $10,893 before the price started a downside correction. There was a break below the $10,750 and $10,600 levels. Moreover, the price spiked below $10,500, but downsides were contained.

A swing low was formed near $10,463 and the price started a fresh increase. It broke the $10,600 resistance to move back into a positive zone. Additionally, there was a break above the 50% Fib retracement level of the last slide from the $10,893 high to $10,463 low. The bulls even pushed the price above a connecting bearish trend line with resistance at $10,560 on the hourly chart of the BTC/USD pair.

The price is now testing the $10,800 resistance area. Moreover, it seems like the 76.4% Fib retracement level of the last slide from the $10,893 high to $10,463 low is acting as a resistance. If there is an upside break above the $10,800 and $10,880 levels, the price could continue to rise. In the mentioned case, the price will most likely break the $11,000 resistance level.

Conversely, if the price fails to break the $10,800 and $10,880 resistance levels, it could correct lower. An immediate support is near the $10,650 level. Additionally, there is a new bullish trend line forming with support near $10,600 on the same chart. Below the trend line, the price could revisit the $10,500 support area in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly gaining momentum above $10,700 and it will most likely break the $10,800 and $10,880 resistance levels. Finally, if there is a break above $11,000, the price could test $11,250.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 75 level.

Major Support Levels – $10,600 followed by $10,500.

Major Resistance Levels – $10,800, $10,880 and $11,000.

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