- Bitcoin price increases by 0.4 percent at time of writing
- Steady bullish momentum breaks $11,000 briefly
- Bollinger Bands indicate support levels at lower BB values
- BTC market between 10:00AM GMT – 11:00AM GMT shows 40 percent retracement
- Steady 26 degree ascending trendline perseveres through $11,000
Bitcoin (BTC) opened the markets today at $10,947, which is currently the low of the day. This was followed by a rise in the market price, with the crypto gaining 0.4 percent in value at the time of writing. The king of cryptocurrency tries his luck again today to break through the $11,000 resistance that has been so highly speculated. As the bearish activity of early September eases, bullish momentum finds support levels while BTC price attempts – once again – to break through that undeniably provocative $11,000 value and reach the other side.
BTC/USD daily chart analysis
Bitcoin has been on a steady recuperation from the initial drop that began September. Since this point, BTC price has displayed a bullish ascending trendline as it attempts to push through the $11,000 resistance level. The daily chart (above) shows September 4th through to the 10th developing a support level for Bitcoin.
BTC price bullish momentum continues and sits at $10,988 on the daily chart as it unyieldingly reaches beyond $11,000. The support level seen is followed by a steady rising ABC pattern as bullish movement is infrequently broken up by bearish moments.
Technical indicators on the daily chart portray steady price development moving away from the lower Bollinger Bands (BBs) value of $9,618 towards the higher BBs value of $11,814. If this rising ABC pattern continues, we may see Bitcoin break and find support levels on the other side of $11,000.
The MACD indicator continues to show BTC price rising from the bearish movement of September 3rd as bullish activity remains progressive.
Intraday BTC/USD five minute chart: one hour breakdown
10:00AM GMT saw an opening price of $10,964 climb to $10,996 having briefly broken the $11,000 resistance level at 11:00AM GMT. This one hour climb saw a 0.5 percent increase in BTC price as bullish momentum eases towards bearish activity.
Using Fibonacci retracement, this five minute chart shows that prices are currently at a retracement level of around 40 percent at 11:00AM GMT. The bullish momentum displayed between 10:00AM GMT and 11:00AM GMT suggests retracement levels may reduce if a rising ABC pattern appears.
Observing the BBs, it is clear to see the price breaking through the upper BBs value of $11,030 before declining back towards the BBs basis value of $10,980.
The MACD indicator shows a progressive bullish rise that suggests a slight decline in the coming hours. At this point, BTC price stands at $10,996.
Intraday BTC/USD five minute chart: full day breakdown
The full day breakdown chart above show support levels developing throughout the day and rising ABC patterns appearing with bullish momentum. The BTC price presses on toward $11,000, and despite receiving bearish pushback, the value still proceeds with bullish activity. This chart suggests that support levels above $11,000 might be seen by the end of the day.
The BBs ascending trend indicate a continuous surpassing of upper BB value and development of BTC price. Support levels can be found at lower BBs value points at three distinct points highlighting tendency of BTC price upside toward upper BB levels.
The MACD indicator shows steady waves of bullish activity on the rise towards and beyond the $11,000 resistance level. Bearish waves earlier in the day show only slight downside activity on BTC price and the steadily rising bullish momentum is clear.
The ascending trendline shows a 26 degree ascension in BTC price from 06:00AM GMT to 11:00AM GMT.
Despite all bullish momentum, there remains concerns that BTC price rejection at $11,000 is on the horizon.
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