Bitcoin Sustains Gains above $10,500 Support, Targets $11,500 High

On July 27, the king coin reached the $11,379 high but made a pullback to $11,044 to continue the uptrend. Yesterday, the bulls push BTC to $11,250 high, but it dropped to $10,918.

If the BTC rises and rebounds above $11,000, the $11,250 resistance will be broken and the momentum will rally above $11,500. This recent move will enable BTC to achieve the next target price of $11,500. Conversely, if the bulls fail to break the $11,250 resistance, the king coin will be range-bound below the resistance for a few days.  

Bitcoin indicator reading 

Presently, BTC is above 80% range of the daily stochastic. It indicates that the price has reached the overbought region of the market. The stochastic bands are sloping downward indicating that sellers have emerged to push prices down. An upward move is likely if the price remains above the EMAs.

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?

Bitcoin's next target is to reach the $11,500 high. Yesterday, BTC traded and reached a high of $11,250 but were repelled. Bitcoin will continue to rise if the upside momentum is sustained about $10,500. Perhaps the bulls will have an advantage over the bears as the price is above the EMAs. 

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.