Yesterday, we saw strong gains in BTC above the $10,500 resistance area against the US Dollar.
A new monthly high was formed near $10,888 and recently the price corrected lower.
However, the decline was protected by the $10,500 support area. Additionally, yesterday’s highlighted key bullish trend line is providing support near $10,510 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $10,700 and $10,800 levels. If there is a successful close above $10,800, the price is likely to accelerate higher above the $10,880 and $10,900 levels. The next key resistance is near the $11,000 level. If there are more gains, the price could test the $11,200 resistance area.
Conversely, if the price fails to break the $10,700 and $10,800 resistance levels, it could correct lower. An initial support is near the $10,500 level. However, the main support is near the $10,400 level, below which the price could extend its decline towards the $10,200 support and the 100 hourly SMA.