- Bitcoin defies Saturday’s bearish odds as the journey to $ 11,800 resumes.
- A potential bull flag spotted on the 15 minute chart.
- BTC / USD is trading above all major SMAs in the given time period.
After Saturday’s temporary pullback, Bitcoin (BTC / USD) resumed its rallying momentum after Thursday’s sell off at $ 11,125. The widely traded cryptocurrency has finally broken the barrier of $ 11,600, as the bulls remain in control for nearly six days on Sunday. Bitcoin is gaining 1.20% to trade around 11,600, as of this writing. The # 1 digital asset’s market cap increased to $ 214.64 billion vs. Saturday, $ 212.57 billion.
BTC / USD: 15 minute chart
BTC / USD kept the robust support at $ 11,420 and from there staged a solid comeback on Saturday. Early on Sunday, the rebound received fresh legs after price spiked $ 130 to six-day highs of $ 11,649 in 15 minutes.
The last rally and subsequent consolidation created a bullish flag formation on the 15 minute chart. It is generally a bullish continuation pattern.
Therefore, a break above the resistance to the downside of the trendline at 11,624 would validate the trend, calling for a test of the target at $ 11,809.
Ahead of the pattern target, the bulls will face strong resistance at $ 11,768, the August 25 high.
On the flip side, a break out of the bearish trendline support at $ 11,581 could cause a reversal to the immediate lower target at $ 11,569, which is the 21-simple moving average (SMA).
The next support awaits the bulls 50-SMA and 100-SMA, now placed at $ 11,541 and $ 11,522 respectively.
Further south, the upwardly sloping $ 11,493 200-SMA could challenge bear engagement.
To conclude, the upside looks more compelling amid the bullish technical setup, especially with the Relative Strength Index (RSI) trading above the 50 level. Additionally, the coin is trading above all the main SMAs over the given period, supporting the bullish case.