Bitcoin price analysis: BTC getting ready for another leg higher

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  • Bitcoin is consolidating gains after a strong upside move.
  • The next major resistance is created by the recent high of $11,200.

Bitcoin (BTC) is changing hands at $10,700. The first digital asset experienced strong growth on the weekend and hit an area above $11,000 for the first time since March 2018 before entering a consolidation phase.

While the price has been oscillating in a tight range for the best part of Sunday, the situation may change once the Asian players join the market.

Looking technically, the initial resistance is created by $20,850 with the upper boundary of 1-hour Bollinger Band located on approach. Once it is out of the way, the upside momentum will gain traction and take the price towards psychological $11,000. The next resistance awaits at the recent high of $11,207.

On the downside, the support is seen at $10,580. This barrier is created by SMA50 (Simple Moving Average) on 1-hour timeframe, and followed by the lower line of Bollinger Band.

BTC/USD 1-hour chart

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