{"id":394227,"date":"2019-08-26T06:00:46","date_gmt":"2019-08-26T06:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=394227"},"modified":"2024-06-11T12:50:13","modified_gmt":"2024-06-11T12:50:13","slug":"bitcoin-btc-price-flirts-with-key-resistance-after-recent-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-flirts-with-key-resistance-after-recent-rally\/","title":{"rendered":"Bitcoin (BTC) Price Flirts With Key Resistance After Recent Rally"},"content":{"rendered":"<ul>\n<li>Bitcoin price climbed higher sharply above $10,200 and gained around 5% against the US Dollar.<\/li>\n<li>The price is clearly struggling to gain strength above the key $10,500 resistance area.<\/li>\n<li>There was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is correcting gains and it is testing the broken trend line and the $10,250 support.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing signs of a decent recovery above $10,200 against the US Dollar. However, BTC is still trading well below the main $10,500 resistance area.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After forming a decent support near $9,900, BTC started an upside correction against the US Dollar. The price traded above the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a break above the $10,300 level and the 100 hourly simple moving average. However, the price struggled to gain momentum above the key $10,500 resistance level (as discussed in the <a href=\"https:\/\/wncen.com\/2019\/08\/25\/bitcoin-btc-price-weekly-forecast-remains-sell-until-this-changes\/\" target=\"_blank\" rel=\"noopener noreferrer \">weekly forecast<\/a>).<\/p>\n<p>During the rise, there was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC\/USD pair. Bitcoin spiked towards the $10,700 level and formed a swing high near $10,697. At the moment, the price is correcting lower and is trading well below $10,500. It broke the $10,400 level and tested the 50% Fib retracement level of the recent rise from the $9,914 low to $10,697 high.<\/p>\n<p>It seems like the $10,250 level and the broken trend line is acting as a support. The next key support is near the $10,200 level. It represents the 61.8% Fib retracement level of the recent rise from the $9,914 low to $10,697 high. The main support is near the $10,100 level and the <a href=\"https:\/\/wncen.com\/2019\/08\/24\/bitcoin-btc-price-testing-last-line-of-defense-with-positive-bias\/\" target=\"_blank\" rel=\"noopener noreferrer \">100 hourly simple moving average<\/a>. If the price fails to recover again, there could be a fresh decline towards the $10,000 and $9,900 levels.<\/p>\n<p>On the upside, the price must settle above $10,500 to gain bullish momentum. In the mentioned case, the next stop for the bulls could be $10,700 and $10,800. However, if the price accelerates above $10,500, it could aim to test the $11,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-394228\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-24.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 struggling near the $10,500 resistance. Therefore, if there is a downside break below the $10,200 support, the price is likely to revisit the $9,900 and $9,800 support levels.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,250 followed by $10,000.<\/p>\n<p>Major Resistance Levels \u2013 $10,400, $10,500 and $10,680.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price climbed higher sharply above $10,200 and gained around 5% against the US Dollar. The price is clearly struggling to gain strength above the key $10,500 resistance area. There was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is correcting gains and it is testing the broken trend line and the $10,250 support. Bitcoin price is showing signs of a decent recovery above $10,200 against the US Dollar. However, BTC is still trading well below the main $10,500 resistance area. Bitcoin Price Analysis After forming a decent support near $9,900, BTC started an upside correction against the US Dollar. The price traded above the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a break above the $10,300 level and the 100 hourly simple moving average. However, the price struggled to gain momentum above the key $10,500 resistance level (as discussed in the weekly forecast). During the rise, there was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC\/USD pair. Bitcoin spiked towards the $10,700 level and formed a swing high near $10,697. At the moment, the price is correcting lower and is trading well below $10,500. It broke the $10,400 level and tested the 50% Fib retracement level of the recent rise from the $9,914 low to $10,697 high. It seems like the $10,250 level and the broken trend line is acting as a support. The next key support is near the $10,200 level. It represents the 61.8% Fib retracement level of the recent rise from the $9,914 low to $10,697 high. The main support is near the $10,100 level and the 100 hourly simple moving average. If the price fails to recover again, there could be a fresh decline towards the $10,000 and $9,900 levels. On the upside, the price must settle above $10,500 to gain bullish momentum. In the mentioned case, the next stop for the bulls could be $10,700 and $10,800. However, if the price accelerates above $10,500, it could aim to test the $11,000 level. Looking at the chart, bitcoin price is clearly struggling near the $10,500 resistance. Therefore, if there is a downside break below the $10,200 support, the price is likely to revisit the $9,900 and $9,800 support levels. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level. Major Support Levels \u2013 $10,250 followed by $10,000. Major Resistance Levels \u2013 $10,400, $10,500 and $10,680.<\/p>\n","protected":false},"author":67,"featured_media":344600,"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-394227","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 Flirts With Key Resistance After Recent Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing signs of a decent recovery above $10,200 against the US Dollar. 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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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