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Why 11,500 is an Important Price Level for Bitcoin to Hold

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@scaredycatguide
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On today's Leo round table call we took a look at the bitcoin chart, among many other things. @rollandthomas pulled it up on the weekly timeframe and it immediately drew my eye to the 11,000 range.

Weekly Closing Price

Looking at the above chart you can see that on the prior high the opening and closing candle prices are all around 11,500. The spikes went as high as 13,868, but in the end each week closed near 11,500 area.

If you look at this week it is currently trading above those candle closes. Assuming this candle closes here or higher it will mark the highest closing price on the weekly chart in over a year. Taking out all the prior higher from 2019.

This is bullish and I'm rooting for it to happen. If it does not, its not the end of the world so long as price remains above 10,500. That is the price that became support on this recent breakout.

However, a close above 11,500 would be ideal as it sets up price for a run at the 13,868 level. The next couple days will be important for these levels.

Posted Using LeoFinance