Bitcoin technical analysis: BTC/USD making use of consolidation phase to launch an attack on $11,000

• Bitcoin is struggling to hold on to the 1% increase on Friday amid a broad-based shallow recovery in the market.
• The buyers have the upper hand but still uncertain of their ability to crack though $10,800 resistance.

Spot rate: $10,690

Relative change: 114.8050

Open: $10,575.71

High: $10,722.45

Low: $10,564.64

Trend: Bearish

BTC/USD daily chart

Bitcoin price stays above the 50-day Simple Moving Average as an indication of a stronger upside and a protected downside.

Bitcoin breakout above the two-months long descending trend is likely to elevate it to levels around $12,000.

BTC/USD 4-hour chart

Bitcoin price is likely to stay in the range between $10,400 and $10,800 longer than expected.

The week-long trendline will be important in the event $10,800 hurdle becomes impenetrable.

Bitcoin’s major support remains between $9,400 and $9,200.

BTC/USD 1-hour chart

Potential for upward correction depends on the ability of the bulls to defend 50 SMA support as well as stay above $10,500 level.