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Bitcoin Percolating - Key Resistance Around $11,500

Bitcoin (BTC/USD) has been recovering sharply after dipping to $6000 in early February. It has cracked $10,000 in most exchanges and looks like a V-reversal. But I would expect resistance as price approaches $11,000.

BTC/USD Daily Chart

  • The daily chart shows that if price reaches $11,500, it will be facing some key resistance factors.
  • These include the 200- day and 100-day simple moving averages (SMAs), as well as a falling resistance.
  • Also note that the $11,000-$12,000 range was a sticky price range, meaning price stalled here for a while during the previous downswing.
  • Finally, the RSI will likely be around 60. If the RSI turns down from 60, the market is likely not done with the consolidation/correction. 
  • Now, if resistance materializes and price does indeed retreat, we will want to monitor the $8900-$9000 area. If price can hold above this area, the probability of a stronger recovery improves. 

Bitcoin (BTC/USD) - Key Resistance Holding

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