Bitcoin makes further progress in Weekend trading

The break above 11k for Bitcoin on Friday did not deliver that much upside and the move higher was really quite modest given the risk positive environment elsewhere in the wider markets. The higher EUR/USD certainly helped Bitcoin higher too, but given where that closed on Friday (1.1826) one might have expected Bitcoin to perform a bit better. Well, it did not, but it has extended the move higher in weekend trading. On Saturday morning the price finally made a move above the 11,100 level, which once again had been providing trend line resistance on Friday. The move extended quite rapidly to as high as 11,492 before it slipped back on profit taking. The price has tried to make further progress on Sunday, but is has traded mostly sideways, with an upward bias, in between 11,320 and 11,430. The breakout last week bodes well from a technical perspective and all the while it holds above 11k now, there is potential beyond 11.500, for another look at 12k in the coming days. Bitcoin is currently trading at 11,365 in early Asian trading on Sunday evening