Bitcoin's price has updated the 15-month high at the levels above $ 11,450 and can soon test the next psychological milestone at $ 12,000, according to analyst at CoinDesk Markets Omkar Godbul.
Thus, Chaikin’s cash flow index is 0.32, which indicates strong buying pressure. The following technical resistance levels can be $ 11,688 and $ 11,780, however, the possibility of correction should not be excluded, given the speed with which the first cryptocurrency is the current mark, the analyst cautions.
On the daily chart again, you can see the growing Chaikin cash flow index. The RSI indicator has reached the value of 70 and speaks in favor of overbought, however, according to Godboul, it will become relevant only if the bulls start to show signs of exhaustion.
CoinDesk Markets Information
On the 4-hour chart, you can see the upward breakthrough of the price channel, which reinforces the confidence of the buyers. At the RSI, meanwhile, the bearish divergence lost its relevance, as the indicator broke through the downward trend line.
CoinDesk Markets Information
If the price can not hold above $ 11,394, then the bitcoin, the analyst believes, can sink to $ 10,550.
Complete abolition of the bull trend will happen in case of a fall below $ 9097.
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