Bitcoin Price (BTC) Rallies Sharply But Facing Significant Hurdle

2019-9-20 09:00

Bitcoin price started a strong rise after trading as low as $9,637 against the US Dollar. The price is trading above the $10,200 level, but it is facing hurdles near the $10,400 level. There was a break above a major bearish trend line with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently correcting lower towards the $10,150 and $10,100 support levels.

Bitcoin price is showing positive signs above the $10,100 level against the US Dollar. BTC needs to surpass the $10,400 resistance area to continue higher in the near term.

Bitcoin Price Analysis

Yesterday, there was a sharp decline in bitcoin below the $10,000 support against the US Dollar. Moreover, BTC price traded below the $9,800 support level. A new weekly low was formed at $9,637 and recently the price started a strong recovery. There was a break above the $10,000 resistance area and a close above the 100 hourly simple moving average.

It opened the doors for more gains above the $10,100 and $10,200 levels. Moreover, there was a break above a major bearish trend line with resistance near $10,150 on the hourly chart of the BTC/USD pair. The pair traded towards the $10,400 resistance area, where sellers emerged. A high was formed near $10,376 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent rally from the $9,637 low to $10,376 high.

On the downside, there are many supports near the $10,150 level and the 100 hourly simple moving average. The broken trend line might also provide support near $10,150. If there are more downsides, the price could test the $10,000 support area. It now coincides with the 50% Fib retracement level of the recent rally from the $9,637 low to $10,376 high.

On the upside, an immediate resistance is near the $10,300 level. However, the main resistance is near the $10,400 level. If there is an upside break above $10,400, the price could continue to rise towards the $10,500 and $10,800 levels.

Looking at the chart, bitcoin price is back in a positive zone above the $10,000 support area. In the short term, there could be range moves above the $10,000 level before the next move. If the bulls remain in action, they could soon make another attempt to push the price above the main $10,400 resistance area.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level.

Major Support Levels – $10,150 followed by $10,000.

Major Resistance Levels – $10,300, $10,375 and $10,400.

The post Bitcoin Price (BTC) Rallies Sharply But Facing Significant Hurdle appeared first on NewsBTC.

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Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days. This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells.

2019-7-29 00:30