Bitcoin Price Analysis: BTC bulls regain control, $11,800 back in sight
|- Bitcoin defies Saturday’s bearish odds, as the journey towards $11,800 resumes.
- A potential bull flag spotted on the 15-minutes chart.
- BTC/USD trades above all major SMAs in the given timeframe.
After Saturday’s temporary pullback, Bitcoin (BTC/USD) has resumed its recovery momentum from Thursday’s sell-off to $11,125. The widely-traded crypto coin finally surpassed the $11,600 barrier, as the bulls remain in control near six-day highs this Sunday. Bitcoin gains 1.20% to trade around 11,600, as we write. The market capitalization of the No.1 digital asset increased to $214.64 billion vs. Saturday’s $212.57 billion.
Technical Overview
BTC/USD: 15-minutes chart
BTC/USD held onto the robust support at $11,420 and from there it staged a solid comeback on Saturday. In early Sunday, the rebound received fresh legs after the price witnessed a $130 spike to six-day highs of $11,649 in a matter of 15 minutes.
The latest rally and the following consolidation have carved out a bull flag formation on the 15-minutes chart. It’s usually a bullish continuation pattern.
Therefore, a break above the falling trendline resistance at 11,624 would validate the pattern, calling for a test of the target at $11,809.
Ahead of the pattern target, the bulls will face stiff resistance at $11,768, August 25 high.
On the flip side, a breach of the falling trendline support at $11,581 could prompt a reversal towards the immediate downside target at $11,569, which is the 21-Simple Moving Average (SMA).
The next supports await at the bullish 50-SMA and 100-SMA, now placed at $11,541 and $11,522 respectively.
Further south, the upward-sloping 200-SMA at $11,493 could challenge the bears’ commitment.
To conclude, the upside appears more compelling amid the bullish technical set up, especially with the Relative Strength Index (RSI) trading above the 50 level. Additionally, the coin trades above all the major SMAs on the given timeframe, backing the bullish case.
BTC/USD: Additional levels to watch
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