Bitcoin [BTC] Hovers Above $11k; This Surge Is Far From Over

  • Bitcoin defends $10,500 support on Monday paving the way for gains above $11,000.
  • Technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.

Bitcoin bulls are currently at their strongest since this year started. Bitcoin did not only surprise many by breaking the key resistance at $10,000, BTC/USD also formed new 2019 highs 11,279. Meanwhile, the intraday charts show bitcoin having corrected up 2.11% on Monday considering that it opened the session at $10,833. Retreat from the opening price tested the support at $10,500 but formed a low at $10,550.87 before correcting to the intraday high of $11,094.87.

BTC/USD 15-mins chart

Bitcoin price Chart
Chart source: Tradingview

The 15-minutes chart shows the largest crypto by market capitalization above the 61.8% Fib retracement level taken between the last drop from $11,279.36 to a low of $10,378.50. Slightly bearish momentum is forming towards $11,000 while Bitcoin is exchanging hands at $11,010.

On the upside, bullish momentum is immediately limited by the resistance at the intraday high ($11,094). If Bitcoin manages to clear this resistance $11,100 will be the next pivotal position. A break above this level could pave the way for another assault on $12,000. Besides, technically Bitcoin has the potential to beat its recent 2019 highs and correct towards $15,000.

Also Read: ‘Pomp’ Suggests a Timeline for BTC @ $100,000; Are Bitcoin Bubble Theories Behind Us?

The Moving Average Convergence Divergence (MACD) has recovered from the low levels reached earlier today at -59.10 to the current +47.02. This recovery means that the buyers are gaining traction. Moreover, the upward momentum is supported by the Relative Strength Index (RSI), which is forming a higher low pattern in addition to being above average at the time of writing.

As far support is concerned $11,000 is the immediate support. The 100 Simple Moving Average (SMA) 15-mins will function as another support line currently at $10,845.50 (just above the 50% Fibo). Other key support areas to look out for include $10,800, $10,600 and $10,500.

Bitcoin Key Technical Indicators

RSI: Higher low pattern formation shows BTC potential for further recovery above $11,000.

MACD: Higher levels from Monday lows suggests continuing bullish momentum.

100 SMA confluence with 50% Fibo: key support at $10,845.

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