BTC In Bullish ZoneThe current chart for BTC/USD indicates that the cryptocurrency is preparing for a bullish return. BTC reached a high of $10,888 earlier today, and it’s now ready to reach $11,000 shortly. A major bullish trend has formed after hitting a support level of $10,475, and a bullish reversal has occurred. The major resistance that needs to be tested is $10,875. If a breakout occurs past this level in the following hours, $11,000 is the next stop.
Source: TradingviewThe MACD and RSI indicators have all shown bullish signs, and for tomorrow, it’s likely we see BTC reach its two-month moving average of approximately $11,400 — this is the short-term upside. For a less optimistic scenario, BTC could be hovering in the range of $10,500 and $10,800, but it would be still relatively close to $11,000 and a bullish return is still a high possibility. Both scenarios rule out a significant price drop back below $10,000.
Looking at the Technical Indicators:
- Hourly MACD & RSI — BTC is on a bullish trend
- Major Support Level — $10,475
- Major Resistance Level — $10,875