For several months now, Bitcoin has been moved by a powerful rising trend and by now it has spiked by over 230 percent after hitting a price slightly over $3,000 in December 2019.
Total crypto market capitalization has gained over $20 billion in the past 24 hours, primarily from BTC which pumped a thousand bucks in no time.
Bitcoin hit $11,000 today, following a steady price surge in the past couple of weeks, for the very first time this year. Bitcoin attained the $10,000 mark last on March 8, 2018. At the beginning of this year, the digital coin was bearish with its price hovering around $3,300–4,000 in the first three months. Its first big break was in April when it hit $5,250 on 30th April 2019.
Total Market Cap: $322.8 Billion
Bitcoin Market Cap: $190.8 Billion
BTC Dominance: 59.1%
– Support/Resistance:
Looking at the daily chart, we can see Bitcoin’s breakout of the upper ascending trend-line (out of the three lines, marked in orange). However, the longer-term weekly chart tells a different story, as the $11,000 serves as a robust resistance level.
Since the coin hadn’t seen a significant correction since the $7500 area, and the fact that Bitcoin is in the middle of yet another parabolic move, at the time when a correction will take place — it will hurt, however, till then you better not disturb the bulls. Anything that goes 3x in three months is unexpected and volatile, to both sides.
– Daily chart’s RSI: The RSI also broke out above 70 and now facing the 80 level. However, one concern is the divergence in the RSI, both daily and weekly charts. To see the bullish momentum continue, the RSI needs to follow Bitcoin’s price chart in creating higher highs. Another thing to note is that Stochastic RSI of the daily chart is stretched out to the overbought area.
– Trading Volume: The volume is still not record breaking, yet. This is according to the divergence in the RSI. However, this could be due to the fact that it’s partly weekend.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
