Credit: Original article published by Coingape.

BTCUSD

  • Bitcoin is nurturing bullish moment after bouncing off $11,200 support on Friday.
  • The path with the least hurdles is upwards according to on-chain analysis.

Bitcoin has made a considerable recovery from the support confirmed at $11,200. The freefall towards the weekend occurred after news broke that OKEx had suspended withdrawal service for digital assets/cryptocurrencies. The losses were not unique to Bitcoin but cut across the market. While the instability in the market faded, the services on the cryptocurrency exchange remain suspended.

At the time of writing, Bitcoin is dancing at $11,480 amid a fight to overcome the selling pressure at $11,500. Further up, price action beyond $11,600 would see the buyers shift their attention to $11,800 and $12,000, respectively.

The bullish outlook is also brought to light by the Moving Average Convergence Divergence (MACD). In addition to regaining the ground in the positive territory, a bullish divergence is visible. In other words, bulls have the upper hand, at least for now.

BTC/USD 4-hour chart

BTCUSD
BTCUSD Chart by Tradingview

In case of a reversal, the key ascending trendline will come in handy as support aided by the 50 Simple Moving Average (SMA) in the 4-hour timeframe. Other crucial support areas to have in mind include $11,200, the 100 SMA and the 200 SMA.

On-chain data using IntoTheBlock IOMAP model suggests the path of least resistance is upwards. However, a seller congestion between $11,477 and $11,818 must down come for the rest of the gains to $12,000 to materialize. Here, around 1.1 million addresses previously bought nearly 777,000 BTC.

Bitcoin IOMAP chart

On the downside, immense support holds Bitcoin in place and declines are very doubtful in the near term unless there is a drastic change. Nonetheless, the most robust anchor lies between $10,448 and $10,775. Here, approximately 1.7 million addresses previously purchased nearly 1.2 million BTC.

Bitcoin Intraday Levels

Spot rate: $11,468

Relative change: -45

Percentage change: -0.4%

Trend: Short term bearish bias

Volatility: Expanding

The post Bitcoin Price Prediction: BTC Building Momentum For The Ultimate Liftoff to $12,000 appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

Categories:

Tags:

No responses yet

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Translate

    Visit Our Other Websites

    EdgyBranding.com - Premium Domain Names.

    Dexize.com - Ultra-Priviate DEX.

    ClassicAutomobile.org - Classic Automobile News.