{"id":430109,"date":"2020-07-09T03:58:12","date_gmt":"2020-07-09T03:58:12","guid":{"rendered":"https:\/\/wncen.com\/?p=430109"},"modified":"2024-06-11T11:45:08","modified_gmt":"2024-06-11T11:45:08","slug":"bitcoin-daily-chart-indicates-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-daily-chart-indicates-10000\/","title":{"rendered":"Bitcoin Daily Chart Indicates Crucial Bullish Breakout Towards $10,000"},"content":{"rendered":"
Bitcoin is rising steadily and it recently broke the $9,400 resistance against the US Dollar. BTC\u2019s daily chart suggests that the bulls are likely aiming a larger rally towards $10,000.<\/em><\/p>\n After a minor decline below the $9,000 level, bitcoin price found support at $8,800 against the US Dollar. BTC remained well bid above the $8,800 level and the 100-day simple moving average.<\/p>\n As a result, a fresh increase was initiated and the price broke a few important hurdles near $9,000, $9,300 and $9,400 (as discussed in yesterday’s analysis<\/a>). There was a break above the 23.6% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low.<\/p>\n More importantly, there was a break above a crucial bearish trend line with resistance near $9,350 on the daily chart of the BTC\/USD pair. This is a positive sign and suggests that the bulls are taking control<\/a> above $9,300.<\/p>\n <\/a><\/p>\n An initial resistance on the upside is near $9,580 and $9,600. It is close to the 50% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low. A successful break above the $9,600 level could open the doors for a larger upward move towards the $10,000 resistance in the coming days.<\/p>\n In the short-term, bitcoin might correct lower towards the broken bearish trend line at $9,320 or $9,300. If there is a bearish break below the $9,300 level, the price might find support near $9,200.<\/p>\n Any further losses may perhaps push the price towards the $8,800 support or the 100-day simple moving average, which holds the key for a larger breakdown. A close below $8,800 and $8,650 might start a strong decline towards $8,000 or $7,800 in the near term.<\/p>\n Technical indicators:<\/p>\n Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $9,300 followed by $8,800.<\/p>\n Major Resistance Levels \u2013 $9,580, $10,000 and $10,300.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is rising steadily and it recently broke the $9,400 resistance against the US Dollar. BTC\u2019s daily chart suggests that the bulls are likely aiming a larger rally towards $10,000. Bitcoin formed a strong support base near $9,000 and recently started a fresh increase. The price is currently trading well above the $9,200 support and the 100-day simple moving average. There was a break above a crucial bearish trend line with resistance near $9,350 on the daily chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower, but it seems like the bulls are likely to aim a test of $9,800 or $10,000. Bitcoin Price Could Rally To $10,000 After a minor decline below the $9,000 level, bitcoin price found support at $8,800 against the US Dollar. BTC remained well bid above the $8,800 level and the 100-day simple moving average. As a result, a fresh increase was initiated and the price broke a few important hurdles near $9,000, $9,300 and $9,400 (as discussed in yesterday’s analysis). There was a break above the 23.6% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low. More importantly, there was a break above a crucial bearish trend line with resistance near $9,350 on the daily chart of the BTC\/USD pair. This is a positive sign and suggests that the bulls are taking control above $9,300. Bitcoin price breaks $9,400: Source: TradingView.com An initial resistance on the upside is near $9,580 and $9,600. It is close to the 50% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low. A successful break above the $9,600 level could open the doors for a larger upward move towards the $10,000 resistance in the coming days. Chances of Downside Correction? In the short-term, bitcoin might correct lower towards the broken bearish trend line at $9,320 or $9,300. If there is a bearish break below the $9,300 level, the price might find support near $9,200. Any further losses may perhaps push the price towards the $8,800 support or the 100-day simple moving average, which holds the key for a larger breakdown. A close below $8,800 and $8,650 might start a strong decline towards $8,000 or $7,800 in the near term. Technical indicators: Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $9,300 followed by $8,800. Major Resistance Levels \u2013 $9,580, $10,000 and $10,300.<\/p>\n","protected":false},"author":67,"featured_media":430111,"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-430109","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 Rally To $10,000<\/h2>\n
Bitcoin price breaks $9,400: Source: TradingView.com<\/a><\/pre>\n
Chances of Downside Correction?<\/h2>\n