Bitcoin has started the expected uptrend and we hope this continues for long.
In the course of the month, there have been lots of speculations about bitcoin price reaching $1,000,000 next 5years and others. This has caused a lot of hopes to rise in expectations.
Last week we expected a rise in price as price closed up within the wedge. Price broke out to the upside with a long bullish candle against the upper wedge line.
Presently, bitcoin price is held by resistant $11,443 and should break to the next resistant level, $11,988, which is our next target if our MACD confirms our next entry with an upward cross of its moving averages.
Though we might see some retest of price to $10,946 or $11,096 before the continuation of the trend upwards.
Looking at the technical indicators:
- Major Support Level – $11,267