2020-10-1 07:08 |
Bitcoin price is showing early signs of a bullish break above $10,800 against the US Dollar. BTC could continue higher as long as it is above the 100 hourly SMA.
Bitcoin is struggling to gain bullish momentum, but it slowly moved above the $10,800 resistance. The price is now above the 100 hourly simple moving average, with a major hurdle at $10,920. There was a break above a crucial contracting triangle with resistance near $10,815 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise towards $11,000 as long as it is above the 100 hourly SMA. Bitcoin Price is Showing Positive SignsAfter multiple tests of the $10,650 support, bitcoin price started an upward move against the US Dollar. BTC was able to climb above the $10,750 and $10,800 resistance levels.
The upward move was such that there was a close above the $10,800 level and the 100 hourly simple moving average. More importantly, there was a break above a crucial contracting triangle with resistance near $10,815 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently struggling to gain bullish momentum above $10,850 despite the recent upside break. A high is formed near $10,855 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $10,687 low to $10,855 high.
Bitcoin price trades above $10,800. Source: TradingView.comThe first key support is near the broken trend line at $10,800. The main support is near the $10,775 level or the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent wave from the $10,687 low to $10,855 high.
As long as the price is above the 100 hourly SMA, it could resume its upward move. An initial resistance is near the $10,855 high. The first key resistance is near the $10,920 and $10,950 levels. The main resistance is still near the $11,000 resistance, above which the bulls are likely to take control.
False Break in BTC?If bitcoin fails to continue higher above $10,855 or $10,950, the recent break could turn out to be a false move. A downside break below the 100 hourly SMA could lead the price below $10,750.
The main support is likely forming near the triangle lower trend line at $10,680. A successful break below the trend line support and $10,650 may perhaps increase the chances of a bearish break below $10,550.
Technical indicators:
Hourly MACD – The MACD is showing a few positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Levels – $10,770, followed by $10,680.
Major Resistance Levels – $10,850, $10,950 and $11,000.
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