{"id":428314,"date":"2020-06-24T03:58:05","date_gmt":"2020-06-24T03:58:05","guid":{"rendered":"https:\/\/wncen.com\/?p=428314"},"modified":"2024-06-11T14:04:19","modified_gmt":"2024-06-11T14:04:19","slug":"bitcoin-break-suggests-gains-above-9800","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-break-suggests-gains-above-9800\/","title":{"rendered":"Bitcoin Hesitates But This Technical Breakout Suggests Gains Above $9,800"},"content":{"rendered":"
Bitcoin started a downside correction from the $9,780 swing high against the US Dollar. BTC found support near $9,600 and it is currently gaining bullish momentum for a fresh rally.<\/em><\/p>\n Yesterday, we saw a sharp increase in bitcoin price<\/a> above the main $9,500 resistance against the US Dollar. BTC rallied above the $9,700 level and settled above the 100 hourly simple moving average.<\/p>\n The price traded to a new weekly high near $9,780 and started a downside correction. It broke the $9,700 level to move into a short term correction phase. However, the decline found support near $9,570 and the price remained well above the $9,500 area<\/a>.<\/p>\n A low was formed near $9,570 and the price is currently rising. There was a break above the 23.6% Fib retracement level of the recent correction from the $9,781 high to $9,570 low. More importantly, there was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The current technical structure suggests bitcoin price could continue to rise above $9,700. Immediate resistance is near the $9,675 level. It is close to the 50% Fib retracement level of the recent correction from the $9,781 high to $9,570 low.<\/p>\n If the bulls gain momentum above $9,670 and $9,700, the price is likely to climb above the $9,780 swing high in the near term. The next target for them may perhaps be $10,000 or $10,200.<\/p>\n On the downside, bitcoin is likely to find a strong buying interest near the $9,600 level. If there is a daily close below the $9,500 support, the price could continue lower.<\/p>\n The next major support is seen near the $9,500 level, below which the 100 hourly SMA at $9,450 is likely to stop the decline.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is about to move back into the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n Major Support Levels \u2013 $9,600, followed by $9,500.<\/p>\n Major Resistance Levels \u2013 $9,670, $9,700 and $9,800.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin started a downside correction from the $9,780 swing high against the US Dollar. BTC found support near $9,600 and it is currently gaining bullish momentum for a fresh rally. Bitcoin is trading nicely above the $9,500 support zone and the 100 hourly simple moving average. A short-term downside correction seems to be over near the $9,570 level. There was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could soon break the $9,700 and $9,800 resistance levels for more upsides. Bitcoin Price Could Resume Rally Yesterday, we saw a sharp increase in bitcoin price above the main $9,500 resistance against the US Dollar. BTC rallied above the $9,700 level and settled above the 100 hourly simple moving average. The price traded to a new weekly high near $9,780 and started a downside correction. It broke the $9,700 level to move into a short term correction phase. However, the decline found support near $9,570 and the price remained well above the $9,500 area. A low was formed near $9,570 and the price is currently rising. There was a break above the 23.6% Fib retracement level of the recent correction from the $9,781 high to $9,570 low. More importantly, there was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC\/USD pair. Bitcoin price holding $9,500: Source: TradingView.com The current technical structure suggests bitcoin price could continue to rise above $9,700. Immediate resistance is near the $9,675 level. It is close to the 50% Fib retracement level of the recent correction from the $9,781 high to $9,570 low. If the bulls gain momentum above $9,670 and $9,700, the price is likely to climb above the $9,780 swing high in the near term. The next target for them may perhaps be $10,000 or $10,200. Downsides Might be Limited in BTC On the downside, bitcoin is likely to find a strong buying interest near the $9,600 level. If there is a daily close below the $9,500 support, the price could continue lower. The next major support is seen near the $9,500 level, below which the 100 hourly SMA at $9,450 is likely to stop the decline. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $9,600, followed by $9,500. Major Resistance Levels \u2013 $9,670, $9,700 and $9,800.<\/p>\n","protected":false},"author":67,"featured_media":428316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-428314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Could Resume Rally<\/h2>\n
Bitcoin price holding $9,500: Source: TradingView.com<\/a><\/pre>\n
Downsides Might be Limited in BTC<\/h2>\n