- Bitcoin consolidates the rally on Sunday ahead of another leg higher.
- An evaluation of $12K mark stays inevitable amid an expected symmetrical triangle.
- Upside stays more persuasive amid a lot of healthful support amounts.
Bitcoin (BTC/USD) sellers are still lurk above the $11,800 degree, restricting the optimistic momentum at the area up to now this Sunday. The absolute most preferred crypto coin consolidates Saturday’s rebound about $11750, nearly unchanged on the afternoon, in the time of composing. The market capitalization of the No.1 digital strength stands at $217.17 billion.
BTC/USD: Hourly chart
After Saturday’s revived $225 uptick to $11,817 amounts, the price has entered a consolidative stage whilst ranging at a symmetrical triangle formation on the hourly graph.
The place requires approval above the falling trendline resistance at $11,800 to affirm that the routine, opening doors towards the annual highs of $12,112 and past.
En course the annual shirts, the BTC bulls could examine Friday’s high at $11,918. The next barrier is aligned in the $12,000 mark.
The hourly Relative Strength Indicator (RSI) has switched reduced but retains over the midline around 50.50, indicating the upside bias remains intact from the near-term.
Meanwhile, the flat 50-hourly Simple Moving Average (HMA) in 11,698 protects the disadvantage. A break under that the up sloping-100-HMA at $11,670 can be analyzed once more.
The confluence of this rising trendline service and intraday low near $11,645 are another cushion.
Selling pressure can intensify beneath the latter, starting flooring for an evaluation of this 200-HMA at $11,511.
To complete, given a lot of healthful support amounts piled up, the route of least resistance seems to the upside.