- Bitcoin trades 2.74% higher today heading into the heart of the US session.
- The dollar is weaker after a miss on the Non-Farm Payroll jobs report.
- Yesterday traders rejected the 10,500 support and 11k is in sight.
Bitcoin is trading well this morning as sentiment in cryptocurrencies is higher today.
Yesterday the market tested 10,500 to the downside and traders found support to push higher today.
On the left-hand side of the chart the volume profile is showing the mean value area is around 10,685. This could be an area price pulls back to if we get a retracement, elsewhere, there is another support lower down at 10,478-500.
Other than that the market is looking to see if we get a sustained break above 11k and a break of the wedge formation on the chart would support this view.
On the 4-hour chart, the market could stall at the trendline on the chart below.
if that gets taken out 11,576 could be the next target area and the market could find some resistance there.
The volume in this move is not the greatest to it would be good to see a pick up in the rest of the session.
One thing is for sure the acceptance or rejection of 11k makes the afternoon an interesting prospect.
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