Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- Bitcoin price remained well supported above the main $10,000 level against the US Dollar.
- The price is trading nicely above the $10,250 resistance, but it might struggle near $10,500.
- Yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently consolidating gains below the $10,450 and $10,500 resistance levels.
Bitcoin price is gaining bullish momentum above $10,300 against the US Dollar. BTC must break $10,450 and $10,500 to continue higher in the coming sessions.
Bitcoin Price Analysis
This week, we saw multiple tests of the $10,000 support by bitcoin price against the US Dollar. However, the bears failed to gain control below $10,000. As a result, the price started a fresh increase from the $9,893 swing low. The price broke the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a close above the $10,250 level and the 100 hourly simple moving average.
During the rise, the price surpassed the 50% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. Moreover, yesterday’s highlighted key declining channel was breached with resistance near $10,140 on the hourly chart of the BTC/USD pair. The pair even traded above the $10,400 resistance level. However, the $10,500 resistance area is still intact.
At the moment, the price is facing hurdles near the 76.4% Fib retracement level of the last key decline from the $10,598 high to $9,893 low. If there is an upside break above $10,450 and $10,500, the price could continue to rise in the coming sessions. In the mentioned case, the price is likely to gain momentum above the $10,590 and $10,600 levels.
Conversely, if there is a downside correction, the price could test the $10,200 support area. Additionally, the 100 hourly SMA is also near the 100 hourly SMA. If there a close below the 100 hourly SMA, the price is likely to resume its decline and revisit the $10,000 support area. More importantly, a convincing close below the $10,000 support might start a strong decline in the coming sessions.
Looking at the chart, bitcoin price is trading with a positive bias above the $10,200 level and the 100 hourly SMA. Therefore, there are chances of a decent rise above the $10,450 and $10,500 level. Conversely, only a close below $10,200 might spark fresh bearish moves.
Technical indicators:
Hourly MACD – The MACD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $10,200 followed by $10,000.
Major Resistance Levels – $10,450, $10,500 and $10,600.
