Bitcoin finally broke up the long-term descending trend line (marked with blue), this was followed by and impressive $1,000 gain in its price. This is a very positive sign for the short and middle term. We’ll not be surprised to see Bitcoin reaches highs of $13-15K.
As of now, strong resistance level lies around $11,900-$12K. Stochastic RSI oscillator indicates we’ll need some air before continue up – support level lies around $11,200 where resistance turned support meets the ascending line. If support doesn’t hold we’ll likely to test the $10,800 line again.
BTC/USD BitFinex 4 Hours chart
BTC/USD BitFinex 1 Day chart
On the overview graph, breaking it up is crucial to create a new high and break up the previous high at $11,600.