Bitcoin has become non-volatile and climbed higher with a strong bullish gap today. Bitcoin Breaks Above $11,550 resistance area. Ready for Another Bull Run? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
August 31, 2020, | AtoZ Markets – Bitcoin price is giving inversion indications over the $11,550 resistance level against the US Dollar. BTC must outperform the $12,000 resistance for a continued upward move. Bitcoin is currently trading around $11,620 area and trying to retrace down. The price also broke above the dynamic level of 20 EMA on the intraday chart. As per the current price action, BTC may find support around $11,550 area in the coming days.
Bitcoin Breaks Above as the Safe Haven Still on High Demand
Bitcoin is currently residing near $11,620 area and trying to decline. Moreover, the price also broke above the Kijun line and the Tenkan line on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin breaks above and currently trading around $11,560 area. As per the current price action, if the price retraces down towards $11,550 area and bounces higher, the bulls may recover higher towards $12,000 resistance level in the coming days. Alternatively, if the price breaks below $11,550 area with an impulsive bearish candle close, the bears may push the price downside towards $11,100 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price higher. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
BTC Bulls Are Optimistic May Recover Further
According to the daily chart, Bitcoin breaks above and currently residing near $11,560 area. As per the current price action context, if the price can have an impulsive bullish candle close above $11,550 area, the bulls may strike higher towards $12,300 key level as a first target. The second target will be $13,000 key area if the price breaks above $12,300 resistance level in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upside in the days ahead. Besides, the Stochastic Oscillator lines are currently reading above the oversold level 20 after having a bullish intersection. It indicates that bulls are trying to sustain the bullish pressure further in the coming days.
To conclude, after retracing towards the dynamic level of 20 EMA, Bitcoin breaks above $11,550 resistance level on the intraday chart. A daily close is required to identify the definite momentum in the coming days.