BTC:USD 1 hour chart DAILY UPDATE (Day 11)

Yesterday I expected the rally to continue to $11,750 before pulling back. Instead we were met with resistance at $11,500. The good news is that we appear to be turning previous resistance into support at $11,100. The bad news is that the 50 day SMA is forming resistance. I will remain short term bullish as long as the bulls continue to hold strong at $11,100. I am still holding onto my position from $10,940 with a $11,750 price target. If you are not in a position then under $11,150 is the entry with the stop loss set at $10,950. There is currently a doji forming at support and if that holds then it is a good confirmation for reversal.

Happy trading and remember that following is free!