- Bitcoin jumped to fresh 15-month highs near $11,430 on Bitstamp earlier today, invalidating a bearish divergence on the 4-hour chart.
- With a key indicator reporting the strongest buying pressure in over two months, prices appear on track to test resistances lined up at $11,688 (March 2018 high) and $11,780 (February 2018 high).
- Repeated failure to hold on to gains at the crucial Fibonacci retracement level of $11,394 could yield a price pullback to the 100-hour price average, currently at $10,667.
- The bullish outlook would be invalidated only if prices drop below $9,097 (May 30 high).
Bitcoin’s (BTC) price rose to fresh 15-month highs today, with a key technical indicator pointing to strongest buying pressure in over two months.
The leading cryptocurrency by market value rose to $11,430 at 10:45 UTC on Bitstamp to hit the highest level since March 6, 2018, surpassing the previous multi-month high of $11,247 seen on Sunday.
The average price across major exchanges, as seen on CoinDesk’s Bitcoin Price Index, also hit a 15-month high of $11,437 earlier today.
The rally looks set to continue toward $12,000 too, as the Chaikin money flow indicator (which shows buying and selling pressure by combining price and volume into one metric) is currently hovering at 0.32 – the highest reading since April 2.
That said, at the current price of $11,400, BTC is up 176 percent on a quarter-to-date basis and 34 percent on a month-to-date basis. Bulls usually take a breather following such stellar rallies. As a result, a sudden correction cannot be ruled out.