Bitcoin Consolidates Above $11,000, May Possibly Retest the $12,000 Mark

Bitcoin is trading in a sideways trend as the price continues to fluctuate above $11,000 but below the $11,500 resistance.

Since the recent decline, buyers have been able to push BTC to $11,400 but were repelled twice. The price tussle between buyers and sellers has been ongoing for the past four days. From the recent development, buyers may have the upper hand as BTC is in the bullish trend zone.

Today, the price is rising above the $11,000 support as it reaches the high of $11,232 at the time of writing. Expectantly, a strong bounce above the current support will propel price to break the initial resistance and BTC will have price acceleration on the upside. The market will retest the $12,000 mark if the bulls are successful. Nonetheless, further uptrend will unfold if the buyers push above $12,000 resistance.

Bitcoin indicator reading 

The recent breakdown has pushed to level 66 of the RSI period 14. It indicates that the coin is in the bullish trend zone. Yesterday, the price fell above the support line of the ascending channel. It indicates that the market will resume an upward move.

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000   

What is the next direction for BTC/USD?

The king coin is yet to resume uptrend as the price continues its consolidation above $11,000. On July 27 uptrend the market reached the high of $11379 and a red candle body tested the 0.786 Fibonacci retracement level. This retracement tells how far the coin will rise. The coin will rise to 1.272 Fibonacci extension level. Bitcoin is expected to retest the $12,000.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.