Bitcoin Near Key Inflection Zone, $10,500 Holds The Key For Next Rally

0

 78 total views

Bitcoin price remained well supported above $9,900 and $10,000 against the US Dollar. BTC is currently recovering and approaching a major breakout zone at $10,500.

  • Bitcoin is trading higher, and it surpassed the $10,200 resistance zone and he 100 hourly simple moving average.
  • It is facing a major hurdle near the $10,450 and $10,500 levels.
  • There is a key rising channel forming with support near $10,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong upward move if it closes above the $10,500 and $10,600 resistance levels.

Bitcoin Price is Recovering

Recently, there was another test of the $10,000 and $9,900 support levels by bitcoin price against the US Dollar. BTC remained well supported and the bears failed to push the price below the $9,850 swing low.

It started a decent upward move and surpassed the $10,150 and $10,200 resistance levels. There was also a close above the $10,200 level and the 100 hourly simple moving average. It is now trading near the $10,450 resistance, where the bulls seem to be struggling.

If there is a downside correction, bitcoin might find support near the $10,300 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $9,859 swing low to $10,441 high.

Bitcoin price trades near $10,450. Source: TradingView.com

There is also a key rising channel forming with support near $10,300 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support, the pair could test the $10,150 support level or the 100 hourly SMA.

The 50% Fib retracement level of the recent upward move from the $9,859 swing low to $10,441 high is also near the $10,150 level. On the upside, the bulls are facing a couple of important hurdles near $10,450 and $10,500 levels.

A successful close above the $10,500 resistance level may perhaps open the doors for a larger rally. The next major resistance is near $10,600, above which the bulls might aim a test of $11,000.

Another Rejection in BTC?

If bitcoin fails to clear the $10,500 resistance, there could be another downward move. The first key support is near the channel support, followed by the 100 hourly SMA at $10,150.

The main breakdown support is still near the $10,000 and $9,900 levels. A daily close below the $9,900 level may perhaps spark a sharp decline.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 60 level.

Major Support Levels – $10,300, followed by $10,150.

Major Resistance Levels – $10,450, $10,500 and $10,600.

Let’s block ads! (Why?)

Go to Source

Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal