A bitcoin lift-off is ready according to the technical breakout pattern after the cryptocurrency started a fresh increase from $10,140 swing low against the US dollar. Bitcoin broke the resistance at $10,550 and it seems that the bulls are aiming to clear the level above $11,000 as we are reading more in the latest bitcoin news.
Bitcoin stayed above the $10,000 support and started a decent recovery wave but the price is trading still above the $10,550 resistance and the 100 simple moving average. There was also a key bearish trend line broken with the resistance at $10,600 on the 4-hour charts of the pair. The pair will likely continue higher if thereâ€™s a clear break above $10,800. Over the past week, BTC found support above the $10,100 level against the US dollar and remained well bid above the $10,200 level when it started a steady recovery wave.
There was a break above the $10,350 level while the main technical breakout was near the $10,550 resistance zone and the 100 simple moving average zones as well. There was a break above the key bearish trend line with the resistance at $10,600 on the 4-hour charts of the pair. Bitcoin climbed above the 50% fib retracement level from the move at $11,192 high to $10,140 swing low. It seems that a Bitcoin lift-off is prepared as the doors are opened for more increase above the $10,700 level. The price is having a hard time clearing the key resistance zone at $10,800. It is close to the 61% fib retracement level from the downward movement from the $11,192 high to the $10,140 swing low.
A successful break and close above the $10,800 resistance could open the doors for even more gains above the $11,000 resistance. The next major resistance is close to the $11,200 level where the bulls could aim higher and increase to the $11,500 level in the near-term. If bitcoin has a hard time climbing above the $10,800 resistance or the $11,000 barrier which could correct it lower with initialÂ supportÂ getting close to the $10,650 level.Â the main support on the downside is close to the $10,550 level with the 100 simple moving average. A close below the $10,550 level could clear the path for even more drops in the near-term. The 4-hour MACD for the pair is in the bullish zone while the 4-hour RSI for the pair is well above the 50 levels.