• 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
Bitcoin
Nexo Logo

Bitcoin Jumps 5%, But $11,000 Is Still A Crucial Breakout Resistance

Aayush Jindal by Aayush Jindal
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin price is slowly gaining momentum and it broke the $10,700 resistance against the US Dollar. BTC is up 5%, but it is still facing a major resistance near $10,800 and $11,000.

  • Bitcoin is rising and it broke the $10,500 and $10,700 resistance levels.
  • It is now trading well above the $10,580 pivot level and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $10,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is still facing a crucial breakout resistance near $10,800 and $11,000.

Bitcoin Price is Gaining Traction

There was a steady rise in bitcoin price from the $10,200 support zone against the US Dollar. BTC broke the $10,500 resistance level to start the recent increase.

The bulls even pushed the price above the $10,580 pivot level and the price settled well above the 100 hourly simple moving average. The upward move gained pace after there was a break above a key contracting triangle with resistance near $10,440 on the hourly chart of the BTC/USD pair. The pair even broke $10,700 and spiked above $10,800.

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

Bitcoin price traded as high as $10,827 and it is currently showing a lot of positive signs. If there is a downside correction, the price might find support near $10,730 or the 50% Fib retracement level of the recent rise from the $10,633 swing low to $10,827 high.

Bitcoin Price

Bitcoin price trades above $10,700. Source: TradingView.com

On the upside, the bulls are likely to face a lot of hurdles near $10,800, $10,850 and $11,000 (as discussed in the weekly analysis). A successful close above the $11,000 resistance is needed for a sustained upward move.

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

Fresh Decline in BTC?

If bitcoin fails to clear the $10,800 resistance or the $11,000 barrier, there is a risk of a downside correction. An initial support is near the $10,730 level.

The first major support is near the $10,700 level or the 61.8% Fib retracement level of the recent rise from the $10,633 swing low to $10,827 high. Any further losses could lead the price towards the $10,580 level (previous resistance now support), where the bulls are likely to take a stand.

Technical indicators:

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 MACD – The MACD is currently gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 65 level.

Major Support Levels – $10,700, followed by $10,580.

Major Resistance Levels – $10,800, $10,850 and $11,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

7 hours ago
Bitcoin Bull

Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down

1 day ago
ApeCoin APE-1

TA – Apecoin Price Rallies Ahead Of The $10 Mark

2 days ago
Bitcoin

Bitcoin Whales Turn Bearish?, What’s In Store For BTC Over The Weekend

2 days ago
This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

2 days ago
Polkadot

Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

2 days 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

Mehracki (MKI) And Solana (SOL) – What Are The Similarities Between These Tokens?

August 7, 2022

Drive into metaverse: Alibaba and SAIC-backed EV brand IM Motors opens IM Valley to further embrace blockchain tech

August 7, 2022

Gnox (GNOX), Maker (MKR) And Lido DAO (LDO) Show How A Strong Staking Concept Is Mega Bullish

August 7, 2022

DeFi Summer: Uniglo (GLO), Curve DAO (CURVE) and Waves (WAVES) Are Your Best Bet To Accumulate Wealth

August 7, 2022

Gucci Is The First Business To Accept ApeCoin (APE). Is Robo Ape (RBA) Next In Line?

August 6, 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.