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article imageBitcoin well over $11,000 and closing in on $11,500

By Ken Hanly     Jun 25, 2019 in Technology
Bitcoin(BTC) is closing in on the $11,500 level and is managing to remain well over $11,000 today as BTC continues to move up for now.
Goldbole's analysis
Earlier today Omkar Godbole posted an analysis of the price movements of bitcoin (BTC) on CoindDesk. Godbole notes that BTC rose to fresh 15-month highs early today. Also, a key technical indicator points to the strongest buying pressure in more than two months.
At 10:45 UTC today the market value of BTC rose to $11,430 the highest level since March 6 last year and surpassing the high of $11,247 set just on Sunday. Average prices across major exchanges as measured by the CoinDesk Bitcoin Price Index also hit a 15 month high of $11,437 earlier in the day.
Chaikin money flow indicator has high reading
The Chaikin money flow indicator is explained here.
It basically shows buying and selling pressure by combining price and volume into one measurement. It is currently around 0.32 it highest level since last April 2.
Rapid rise could lead to a short-term correction
BTC is already up 176 percent on a quarter-to-quarter basis and 34 percent on the month to date. It is quite possible that there will be a breather and consolidation before any further upwards trend. A correction cannot be ruled out. However, longer term indications favor the bulls. Some observers think that the new LIbra coin of Facebook will turn out to be positive for bitcoin.
Chart analysis
As noted earlier the Chaikin money flow index is trending positive. It turned positive in March and signals a bearish-to-bullish trend. However, the relative strength index(RSI) suggests overbought conditions as it is above 70 but is still below the 86 level seen in May. However, the price shows no sign of bullish exhaustion and so the high level may not indicate a price decline is likely.
The 4-hour chart shows an ascending channel breakout indicating the bitcoin rally is continuing for now. The breakout is also accompanied by a surge in buy volumes. The path of least resistance is for BTC to move higher.
There could be resistance at $11, 688 the March 2018 high and also $11,780 the February 2018 high.
There could be repeated failure to break through $11,394 and the failure could lead to a drop to the support level of $10,550.
Present situation
24 hours ago BTC opened at $11,016 just over the $11,000 mark. Since then it has had a low of $10,810 but a high of $10,450 according to CoinDesk data. At 12:40 Central Daylight Time BTC was still at $11,257 well above the $11,000 level still and up $241 dollars on the day. The top twenty altcoins are mixed with the majority being down but most not by any large margins. The present price of bitcoin and the top twenty altcoins can be found here.
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