Bitcoin price analysis: BTC price is headed towards $11000

In our latest Bitcoin price analysis, it was revealed that the slump did not settle in and Bitcoin (BTC) is currently trying to knock the eleven thousand dollars ($11,000) resistance key mark that’s held its position for quite a while now.

Today, it stands above the ten thousand dollars ($10,000) mark trading in at ten thousand five hundred and thirty dollars ($10,530) according to Bitstamp, while the daily opening sums up to ten thousand four hundred and seventeen dollars ($10,417).

The price rise hasn’t been consistent, showing a slight head and shoulder rule with mounts going up the base-line for about one percent (1%) on Tuesday, five percent (5%) on Wednesday and three percent (3%) on Thursday.

The high volatility, thirteen-day (13) period till 29th July 2019 has been quite a time to see Bitcoin juggle back up to the higher ground from the nine thousand four hundred dollars ($9400) mark. Buyers’ confidence is rising and a bearish trend is likely to follow in the coming week.

With sellers out o the picture, it isn’t very mesmerizing to see BTC rise for about a thousand dollars ($1000) in its price.

Bitcoin price analysis daily

Both the relative strength index (RSI) and the moving average convergence and divergence (MACD) show bullish signs with the RSI stationed at 50 and the MACD signaling a green for the end of the thirteen thousand dollars ($13,880) mark retracement.

Bitcoin price chart by Trading View

BTC could end up at the thirteen thousand dollars ($13,000) bullish mark once it breaks free from the eleven thousand dollars ($11,120) key resistance.

Consolidation might occur around the fifty (50) day moving average that lies at the ten thousand dollars ($10,570) mark. Once that check post is cleared; its bitcoin on rocket-fuel.

Bitcoin price analysis hourly

Bitcoin price chart by Trading View

Both MACD and RSI are not in favor of Bitcoin rising. Technical reasons will leave Bitcoin at ten thousand three hundred and eight ($10,318) dollars and lower if support is not maintained, to ten thousand one hundred and seventy-two dollars ($10,172) the coin price is expected to start seeing a correction.