• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Price (BTC) Watch: Here Is Why Upsides Could Be Capped

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2 mins read
Advertisement
  • Bitcoin price is currently correcting higher and is trading above $9,650 against the US Dollar.
  • The price is struggling to break the $9,800 and $9,880 resistance levels.
  • There is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could only turn bullish after it captures the $9,900 and $10,000 resistance levels.

Bitcoin price is facing a lot of barriers near $9,900 and $10,000 against the US Dollar. BTC could trim recent gains if it fails to climb above $9,900 or $10,000 in the near term.

Bitcoin Price Analysis

Recently, BTC started a decent upside correction from the $9,316 swing low against the US Dollar. It seems like a decent support base is forming near the $9,350 and $9,400 levels. The price climbed above the $9,500 and $9,520 resistance levels. Moreover, there was a close above the $9,500 level and the 100 hourly simple moving average. It opened the doors for more gains above $9,550.

Additionally, bitcoin gained pace above the 23.6% Fib retracement level of the last key decline from the $10,293 high to $9,316 low. However, the price is now struggling to break the $9,800 resistance area (the previous support). Moreover, it seems like the 50% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is acting as a strong resistance.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the upside, there is a major bearish trend line forming with resistance near $9,900 on the hourly chart of the BTC/USD pair. Above the trend line, the 61.8% Fib retracement level of the last key decline from the $10,293 high to $9,316 low is at $9,920. However, the main resistance is near the $10,000 level, above which the price is likely to move back into a positive zone.

On the downside, an initial support is near the $9,660 level (the recent resistance area). The next key support is near the $9,600 level and the 100 hourly SMA. If there is a downside break below the 100 hourly SMA, the price could revisit the $9,350 support area in the near term.

Bitcoin Price Analysis BTC Chart

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Looking at the chart, bitcoin price is facing a lot of hurdles near the $9,800, $9,900 and $10,000 levels. It seems like the bulls could attempt to push the price above $10,000. If they fail, the price will most likely start a fresh decline towards $9,500 or $9,350.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 60 level.

Major Support Levels – $9,660 followed by $9,500.

Major Resistance Levels – $9,800, $9,900 and $10,000.

Tags: bitcoinbtc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

bitcoin

Bitcoin Price Must Clear This Level If It Wants To See $28,000

44 mins ago
TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support

TA- Ethereum ETH Shows Bearish Signs, Eyes $1,700 As Nearest Support

4 hours ago
Ethereum

TA: Ethereum Could Take Hit As The Bulls Show Weak Hands

14 hours ago
Bitcoin

TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

16 hours ago
TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs – Eyes $0.1

TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs – Eyes $0.1

24 hours ago
Chainlink

Chainlink In Bearish Mood As LINK Price Retreats To $8.63

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List THANKQ (TQP) on August 18, 2022

August 18, 2022

Crypto Finance Coin (CTFC) Is Now Available for Trading on LBank Exchange

August 18, 2022

LBank Exchange Will List SYLToken (SYL) on August 17, 2022

August 18, 2022

LBank Exchange Will List Omax Coin (OMAX) on August 18, 2022

August 18, 2022

PETT Is Now Available for Trading on LBank Exchange

August 18, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.