Bitcoin Attempts To Break The $11,000 Resistance Line: Price Analysis

Bitcoin attempts to break the resistance lines between the $9,000 and $11,000 levels and there are two possible scenarios in the bigger picture as we are about to read in the coming altcoin news.

As per the previous bitcoin price analysis, we can read:

Two days ago, while Bitcoin was attempting to stay above the critical $10,000 mark, we have pointed out two scenarios in the bigger picture:

“The bigger picture from below is the crucial support line around $9,400, which is the last barrier before the triangle breaks to the downside. From the top, the triangles’ trend-line sits around the resistance level of $10,300 – $10,400.”

As you can see from the analysis, the wedge that is seen on the 4-hour charts has managed to make a break to the bullish side which started the later scenario out of the two and Bitcoin reached an area of resistance at $10,300 and $10,400 which is the bitcoin area that is the currency trading at. This area consists of the big supply that might be a huge breaking point for Bitcoin which is the 50-days and the 100-days moving average lines along with the significant descending trend-lines. This line has started to form when Bitcoin recorded its 2019 high at $13,880 last June. If bitcoin is able to overcome this, the bitcoin coin will be sent into a decent rally. This could also be another roof before another plunge towards the $10,000 region or $9,400. Some of the near-future events such as the launch of the Bakkt futures platform can be huge triggers for such huge moves. Keep in mind that the Bitcoin dominance is only reaching a decision point at 70% mark.

Bitcoin is now facing the critical support area of $10,300 and in case of a breakout, this is likely to lead up to a decent price move. The next resistance levels are reaching to $10,600 and even up to $11,000 since the last is the latest daily high. The last time Bitcoin wanted to break it, it turned out to be a quick plunge of $700.

From below, the nearest support area is the ascending trend line that is marked on the 4-hour charts and the further down is the $9,880 support along with the 4-hour chart ascending trend-line. As per the latest cryptocurrency news, there is not that big of the amount of volume that is following the recent price action. The daily volume is decreasing over time which means that there could be an upcoming significant price move.