{"id":391579,"date":"2019-07-30T06:00:33","date_gmt":"2019-07-30T06:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=391579"},"modified":"2024-06-11T12:54:53","modified_gmt":"2024-06-11T12:54:53","slug":"bitcoin-price-btc-usd-holding-key-support-but-lacks-momentum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-usd-holding-key-support-but-lacks-momentum\/","title":{"rendered":"Bitcoin Price (BTC\/USD) Holding Key Support But Lacks Momentum"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently consolidating above the key $9,300 support area against the US Dollar.<\/li>\n<li>The price is facing a few key resistances near the $9,500, $9,600 and $9,650 levels.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price start a decent recovery as long as there is no downside break below the $9,300 support.<\/li>\n<\/ul>\n<p><em>After bearish moves, bitcoin price started consolidating above $9,300 against the US Dollar. However, BTC must gain momentum above $9,650 to start an upward move.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a sharp decline, bitcoin price found support near the $9,120 level against the US Dollar. The BTC\/USD pair traded as low as $9,126 and recovered above the $9,300 and $9,500 levels. Additionally, the pair climbed above $9,600, but it struggled to surpass the $9,700 resistance. More importantly, there was no break above the 100 hourly simple moving average (similar to <a href=\"https:\/\/wncen.com\/2019\/07\/30\/ethereum-price-eth-flirts-with-key-resistance-amid-negative-sentiment\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ethereum<\/a> and <a href=\"https:\/\/wncen.com\/2019\/07\/30\/ripple-price-xrp-trend-near-term-negative-similar-to-bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer \">ripple<\/a>), which is currently near $9,650.<\/p>\n<p>The price topped near the $9,708 level and recently corrected lower. It broke the $9,600 support level plus the 23.6% Fib retracement level of the upside move from the $9,126 low to $9,708 high. Moreover, the price traded below the $9,500 level, but the $9,400 area seems to be acting as a decent support. The 50% Fib retracement level of the upside move from the $9,126 low to $9,708 high is also acting as a support.<\/p>\n<p>The main support is near the $9,300 area. Therefore, a downside break and close below the $9,300 support might push the price further lower. The next support is near $9,125, below which there is a risk of more losses below the $9,000 handle.<\/p>\n<p>On the upside, there are many hurdles near the $9,500, $9,600 and $9,650 levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair. The key resistance is near the $9,650 level and the 100 hourly SMA. If there is a successful break above $9,600 and a follow through above $9,700, the price could start a solid upward move.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-391580\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Bitcoin-30.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 likely to start a slow and steady recovery above $9,600 and $9,700 as long as there is no bearish break below the $9,300 support level. In the bullish scenario, the price may perhaps recover towards the $10,000 and $10,200 resistance levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is still placed in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level, with bearish signs.<\/p>\n<p>Major Support Levels \u2013 $9,300 followed by $9,125.<\/p>\n<p>Major Resistance Levels \u2013 $9,500, $9,650 and $9,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently consolidating above the key $9,300 support area against the US Dollar. The price is facing a few key resistances near the $9,500, $9,600 and $9,650 levels. There is a connecting bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price start a decent recovery as long as there is no downside break below the $9,300 support. After bearish moves, bitcoin price started consolidating above $9,300 against the US Dollar. However, BTC must gain momentum above $9,650 to start an upward move. Bitcoin Price Analysis After a sharp decline, bitcoin price found support near the $9,120 level against the US Dollar. The BTC\/USD pair traded as low as $9,126 and recovered above the $9,300 and $9,500 levels. Additionally, the pair climbed above $9,600, but it struggled to surpass the $9,700 resistance. More importantly, there was no break above the 100 hourly simple moving average (similar to Ethereum and ripple), which is currently near $9,650. The price topped near the $9,708 level and recently corrected lower. It broke the $9,600 support level plus the 23.6% Fib retracement level of the upside move from the $9,126 low to $9,708 high. Moreover, the price traded below the $9,500 level, but the $9,400 area seems to be acting as a decent support. The 50% Fib retracement level of the upside move from the $9,126 low to $9,708 high is also acting as a support. The main support is near the $9,300 area. Therefore, a downside break and close below the $9,300 support might push the price further lower. The next support is near $9,125, below which there is a risk of more losses below the $9,000 handle. On the upside, there are many hurdles near the $9,500, $9,600 and $9,650 levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair. The key resistance is near the $9,650 level and the 100 hourly SMA. If there is a successful break above $9,600 and a follow through above $9,700, the price could start a solid upward move. Looking at the chart, bitcoin price is likely to start a slow and steady recovery above $9,600 and $9,700 as long as there is no bearish break below the $9,300 support level. In the bullish scenario, the price may perhaps recover towards the $10,000 and $10,200 resistance levels. Technical indicators: Hourly MACD \u2013 The MACD is still placed in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level, with bearish signs. Major Support Levels \u2013 $9,300 followed by $9,125. Major Resistance Levels \u2013 $9,500, $9,650 and $9,700.<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-391579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC\/USD) Holding Key Support But Lacks Momentum<\/title>\n<meta name=\"description\" content=\"After bearish moves, bitcoin price started consolidating above $9,300 against the US Dollar. 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