Bitcoin price extended its rise above the $11,500 resistance against the US Dollar. BTC is correcting lower from $11,700, but it is likely to find support near the 100 hourly SMA.

• Bitcoin broke the key $11,500 resistance level and traded to a new weekly high at $11,724.
• The price is currently correcting lower below $11,500, but it is above the 100 hourly simple moving average.
• There is a connecting bullish trend line forming with support near $11,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase as long as it is above the $11,200 support and the 100 hourly SMA.

Bitcoin Price Remains Strong

After a couple of failed attempts, bitcoin price finally broke the $11,500 resistance against the US Dollar (as discussed yesterday). BTC even surpassed the $11,650 level and settled well above the 100 hourly simple moving average.

It traded to a new monthly high near $11,724 before starting a short-term downside correction. There was a break below the $11,600 and $11,500 levels. It is currently testing the 50% Fib retracement level of the recent increase from the $11,199 low to $11,724 high.

Bitcoin price trades below $11,500. Source: TradingView.com

The first major support is near the $11,400 level. It is close to the 61.8% Fib retracement level of the recent increase from the $11,199 low to $11,724 high. There is also a connecting bullish trend line forming with support near $11,320 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing a short-term resistance at $11,500. The next key resistance is near the $11,700 level, but the main hurdle for the bulls is near $11,800. A break above $11,800 might increase the chances of more upsides above $12,000.

Dips Supported in BTC?

Bitcoin is likely to find support near the $11,400 level or the bullish trend line. The 100 hourly simple moving average is also near the $11,300 level.

The main support is likely forming near $11,200 (this week’s base), below which the bears are likely to gain strength. The next key support below $11,200 is near the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it is close to the 50 level.

Major Support Levels – $11,400, followed by $11,300.

Major Resistance Levels – $11,500, $11,700 and $11,800.