{"id":394125,"date":"2019-08-24T04:10:38","date_gmt":"2019-08-24T04:10:38","guid":{"rendered":"https:\/\/wncen.com\/?p=394125"},"modified":"2024-06-11T12:51:16","modified_gmt":"2024-06-11T12:51:16","slug":"bitcoin-btc-price-testing-last-line-of-defense-with-positive-bias","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-testing-last-line-of-defense-with-positive-bias\/","title":{"rendered":"Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias"},"content":{"rendered":"<ul>\n<li>Bitcoin price is showing positive signs and settled above $10,000 against the US Dollar.<\/li>\n<li>The price is now trading near the key $10,400 resistance area, which is preventing gains.<\/li>\n<li>Yesterday\u2019s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely setting up for the next key break either above $10,500 or below $10,250.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading with a positive bias above $10,200 against the US Dollar. However, BTC must surge above $10,400 and $10,500 to move into an uptrend.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few sessions, there was a steady recovery in BTC above $10,000 against the US Dollar. The price even traded above the $10,200 and $10,250 resistance levels. Moreover, there was a close above the $10,200 level and the 100 hourly simple moving average. As a result, there was a decent recovery in many altcoins as well, including <a href=\"https:\/\/wncen.com\/2019\/08\/23\/ethereum-price-eth-at-potentially-major-turning-point\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ethereum<\/a>, <a href=\"https:\/\/wncen.com\/2019\/08\/23\/ripple-price-xrp-facing-resistance-fresh-decline\/\" target=\"_blank\" rel=\"noopener noreferrer \">ripple<\/a>, ETC, bitcoin cash and <a href=\"https:\/\/wncen.com\/2019\/08\/23\/crypto-market-and-bitcoin-approaching-resistance-etc-bch-eos-trx-analysis\/\" target=\"_blank\" rel=\"noopener noreferrer \">EOS<\/a>.<\/p>\n<p>Bitcoin price gained pace above the 23.6% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. The recent wave was such that the price even spiked above the $10,400 level. Moreover, there was a break above the 50% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. However, the bulls faced a strong resistance just below the $10,500 level.<\/p>\n<p>Additionally, yesterday\u2019s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC\/USD pair. The pair is now consolidating below the trend line and the $10,500 resistance. Moreover, the 61.8% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low is at $10,510.<\/p>\n<p>Therefore, the price could rally if it breaks the trend line and the $10,500 resistance area. The next stop for the bulls could be near the $11,000 resistance area in the near term. On the other hand, an immediate key support is near the $10,250 level. If there is a downside break below the $10,250 support, the price could start a fresh decline in the coming sessions.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-394126\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-22.png?w=1140 1140w\" sizes=\"auto, (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 setting up for the next key break either above $10,500 or below $10,250. There are high chances of a fresh bearish wave as long as the price is below the $10,500 pivot area.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,250 followed by $10,000.<\/p>\n<p>Major Resistance Levels \u2013 $10,420, $10,500 and $10,680.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is showing positive signs and settled above $10,000 against the US Dollar. The price is now trading near the key $10,400 resistance area, which is preventing gains. Yesterday\u2019s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely setting up for the next key break either above $10,500 or below $10,250. Bitcoin price is trading with a positive bias above $10,200 against the US Dollar. However, BTC must surge above $10,400 and $10,500 to move into an uptrend. Bitcoin Price Analysis In the past few sessions, there was a steady recovery in BTC above $10,000 against the US Dollar. The price even traded above the $10,200 and $10,250 resistance levels. Moreover, there was a close above the $10,200 level and the 100 hourly simple moving average. As a result, there was a decent recovery in many altcoins as well, including Ethereum, ripple, ETC, bitcoin cash and EOS. Bitcoin price gained pace above the 23.6% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. The recent wave was such that the price even spiked above the $10,400 level. Moreover, there was a break above the 50% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low. However, the bulls faced a strong resistance just below the $10,500 level. Additionally, yesterday\u2019s highlighted important bearish trend line is acting as a solid resistance near $10,420 on the hourly chart of the BTC\/USD pair. The pair is now consolidating below the trend line and the $10,500 resistance. Moreover, the 61.8% Fib retracement level of the key decline from the $10,975 swing high to $9,757 low is at $10,510. Therefore, the price could rally if it breaks the trend line and the $10,500 resistance area. The next stop for the bulls could be near the $11,000 resistance area in the near term. On the other hand, an immediate key support is near the $10,250 level. If there is a downside break below the $10,250 support, the price could start a fresh decline in the coming sessions. Looking at the chart, bitcoin price is clearly setting up for the next key break either above $10,500 or below $10,250. There are high chances of a fresh bearish wave as long as the price is below the $10,500 pivot area. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level. Major Support Levels \u2013 $10,250 followed by $10,000. Major Resistance Levels \u2013 $10,420, $10,500 and $10,680.<\/p>\n","protected":false},"author":67,"featured_media":393411,"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-394125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Testing Last Line Of Defense With Positive Bias<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading with a positive bias above $10,200 against the US Dollar. 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