- The break above the hurdle at $10,700 finally completed the leg from $10,200.
- Bitcoin bulls take charge as bears retreat; next target is $11,200.
Bitcoin has finally made a gigantic leap out of the range of uncertainty. The battle between the bears and the bulls at $10,200 – $10,435 had reached a stalemate during the weekend sessions. The momentum without a sense of direction while the bears stamped down their control limiting gains above $10,600.
At press time, we see Bitcoin having extended the gains above both the 50 Simple Moving Average (SMA) and the 50 SMA. The break above the hurdle at $10,700 finally completed the leg from $10,200. While the upside has stalled, the buyers are getting ready for the second leg above $11,000 and later $10,200.
Looking at the price from a technical perspective, the buyers have control. For instance, the Relative Strength Index (RSI) is settling in the overbought for the first time since the first week of August. The Moving Average Convergence Divergence (MACD) is back in the positive zone. The existing bullish divergence shows that the buyers have control and will influence the next price action.
BTC/USD 1-hour chart