Forex and Crypto News

Bitcoin above $11000, can bulls continue rally?

12:51 09 October /2020

Today, the price of Bitcoin has risen above $11000 for the first time in three weeks. This happened due to the price exiting the triangle. Yesterday the pair BTC/USD broke through the upper border of the triangle at $10740 and continued to rise. Today the bulls continued to rise and pushed the price above $11000. However, the bulls need to turn the $11000 level into a support level.


Traders are wondering how far will this rally go?

If you look at the daily chart of the BTC/USD pair, you can see that this is the third green candlestick in a row. Accordingly, we see the formation of an uptrend. And if the BTC/USD pair manages to stay above $11000, then its potential target will be the $12000 level.

However, once the $12000 resistance level has come into play, the BTC/USD pair must first overcome the $11850 resistance level.

Also, do not forget that on September 19, the BTC/USD pair was already trying to rise above $11000, but then the bears managed to stop the bulls in the $11150 area. This is the closest resistance level today. If Bitcoin fails to close the daily candle above $11000, we may see a return of the BTC/USD pair below $11000 to the $10900- $10700 region.

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