{"id":387852,"date":"2019-06-28T06:00:45","date_gmt":"2019-06-28T06:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=387852"},"modified":"2024-06-11T12:58:04","modified_gmt":"2024-06-11T12:58:04","slug":"bitcoin-rally-unravels-10k-holds-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-unravels-10k-holds-key\/","title":{"rendered":"Bitcoin Rally Unravels: Here Is Why $10K Holds The Key"},"content":{"rendered":"<ul>\n<li>After setting a new 2019 high near $11,800, bitcoin price declined sharply against the US Dollar.<\/li>\n<li>The price declined below the key $13,200 and $12,000 supports to trim most gains.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must stay above the $10,450 and $10,000 support levels to start a fresh increase.<\/li>\n<\/ul>\n<p><em>Bitcoin price nosedived by more than $2,000 against the US Dollar. BTC is now approaching a couple of important supports near $10,450, $10,200 and $10,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past three sessions, <a href=\"https:\/\/wncen.com\/2019\/06\/27\/bitcoin-price-retreats-from-14k-dips-remain-attractive\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin trimmed most its recent gains<\/a> from well above $13,000 against the US Dollar. The BTC\/USD pair broke the key $12,500 support level to enter a bearish zone. There was even a close below the $11,500 support and the 100 hourly simple moving average. Finally, the price even spiked below the $10,450 support and a new swing low was formed at $10,322.<\/p>\n<p>It recently recovered above the $10,500 and $10,800 levels. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low. However, the price struggled to climb above the $11,500 resistance level (the previous support). Besides, the price stayed below the $11,600 pivot and the 100 hourly SMA.<\/p>\n<p>Additionally, the 61.8% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low also prevented gains. More importantly, there is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC\/USD pair. To start a fresh increase, the price must break the trend line and the <a href=\"https:\/\/wncen.com\/2019\/06\/27\/bitcoin-correcting-gains-while-ripple-price-xrp-struggles-to-hold-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">$11,500 resistance<\/a>. Having said that, a successful close above the 100 hourly SMA is needed for more gains towards $12,000 and $12,500.<\/p>\n<p>Conversely, if the price fails to move past $11,500, it could continue to decline. An immediate support is near the $10,450 level. The main supports are near $10,200, $10,000 and $9,980. If there is a break below the $9,980 support, the price could accelerate losses in the near term. The next main support is at $9,920, followed by $8,500.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-387853\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/Bitcoin-26.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly struggling below the $11,500 and $12,000 levels. However, the $10,000 support level holds the key. As long as BTC price is above the $10,000 support, it could consolidate and then start a fresh increase.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle.<\/p>\n<p>Major Support Levels \u2013 $10,450 followed by $10,000.<\/p>\n<p>Major Resistance Levels \u2013 $11,100, $11,500 and $12,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After setting a new 2019 high near $11,800, bitcoin price declined sharply against the US Dollar. The price declined below the key $13,200 and $12,000 supports to trim most gains. There is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $10,450 and $10,000 support levels to start a fresh increase. Bitcoin price nosedived by more than $2,000 against the US Dollar. BTC is now approaching a couple of important supports near $10,450, $10,200 and $10,000. Bitcoin Price Analysis In the past three sessions, bitcoin trimmed most its recent gains from well above $13,000 against the US Dollar. The BTC\/USD pair broke the key $12,500 support level to enter a bearish zone. There was even a close below the $11,500 support and the 100 hourly simple moving average. Finally, the price even spiked below the $10,450 support and a new swing low was formed at $10,322. It recently recovered above the $10,500 and $10,800 levels. Moreover, there was a break above the 50% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low. However, the price struggled to climb above the $11,500 resistance level (the previous support). Besides, the price stayed below the $11,600 pivot and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the last decline from the $12,200 swing high to $10,322 low also prevented gains. More importantly, there is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC\/USD pair. To start a fresh increase, the price must break the trend line and the $11,500 resistance. Having said that, a successful close above the 100 hourly SMA is needed for more gains towards $12,000 and $12,500. Conversely, if the price fails to move past $11,500, it could continue to decline. An immediate support is near the $10,450 level. The main supports are near $10,200, $10,000 and $9,980. If there is a break below the $9,980 support, the price could accelerate losses in the near term. The next main support is at $9,920, followed by $8,500. Looking at the chart, bitcoin price is clearly struggling below the $11,500 and $12,000 levels. However, the $10,000 support level holds the key. As long as BTC price is above the $10,000 support, it could consolidate and then start a fresh increase. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle. Major Support Levels \u2013 $10,450 followed by $10,000. Major Resistance Levels \u2013 $11,100, $11,500 and $12,000.<\/p>\n","protected":false},"author":67,"featured_media":328922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-387852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Rally Unravels: Here Is Why $10K Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price nosedived by more than $2,000 against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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