Steering clear of the first major support level at $9,967, Bitcoin rallied to a Friday intraweek high $11,900.

Falling short of the weeks first major resistance level at $12,119, Bitcoin fell back to $11,500 levels before finding support.

5 days in the green that included a 4.93% rally on Wednesday delivered the upside for the week.

Bitcoin would need to avoid a fall through $11,506 pivot to support another run the first major resistance level at $12,069 into play.

Support from the broader market would be needed for Bitcoin to break out from the current week high $12,060.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could break out from the second major resistance level at $12,463 to target $13,000 levels.

A fall through the $11,506 pivot would bring the first major support level at $11,112 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 levels and the second major support level at $10,549.

At the time of writing, Bitcoin was up by 2.80% to $12,002.0. A bullish start to the week saw Bitcoin rise from an early morning low $11,675.3 to a high $12,060 on Monday.

Bitcoin tested the first major resistance level at $12,069 at the start of the week.

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Bitcoin and Ripple's XRP Weekly Technical Analysis August 10th, 2020 - FX Empire