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.
- There were strong gains in bitcoin price above $10,500 and $11,000 against the US Dollar.
- The price struggled to stay above the $11,200 and $11,000 levels, and it recently corrected lower.
- There was a break below a major bullish trend line with support near $10,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains well supported on the downside near the $10,600 and $10,500 levels.
Bitcoin price is currently consolidating between $10,500 and $11,100 against the US Dollar. BTC price is holding the key $10,500 support and it could start a fresh increase.
Bitcoin Price Analysis
This past week, we saw a strong rise in bitcoin price above the $10,000 resistance level against the US Dollar. Moreover, the BTC/USD pair even broke the $10,500 level settled above the 100 hourly simple moving average. A new 2019 high was formed above $11,200 at $11,293 before the price started a downside correction. There was a break below the $11,000 support level to start a short term downside correction.
Moreover, there was a break below a major bullish trend line with support near $10,750 on the hourly chart of the BTC/USD pair. The pair even broke the $10,600 level before the bulls appeared above the $10,500 level. A swing low was formed near $10,523 and bitcoin price is currently moving higher. It is trading above the $10,700 level and the 23.6% Fib retracement level of the recent decline from the $11,293 high to $10,523 low.
On the upside, an immediate resistance is near the $10,900 level. It coincides with the 50% Fib retracement level of the recent decline from the $11,293 high to $10,523 low. Therefore, if there is an upside break above the $10,900 level, the price could even climb above $11,000. The next key resistances are near the $11,200 and $11,250 levels, above which the price might climb towards the $11,500 level.
On the downside, the main supports are $10,600 and $10,500, below which there is a risk of an extended decline in bitcoin. Besides, the next key support is near the $10,380 level, followed by the all-important $9,960 pivot level.
Looking at the chart, bitcoin price is clearly facing an uphill task near the $11,200 and $11,250 levels. Overall, if the bulls remain in action, they might be able to push the price above the $11,200 and $11,250 levels. In the mentioned bullish case, the next aim for them could be near $11,500 or even $12,000.
Technical indicators:
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, with positive signs.
Major Support Levels – $10,600 followed by $10,500.
Major Resistance Levels – $10,900, $11,000 and $11,200.
