{"id":431868,"date":"2020-07-23T03:48:23","date_gmt":"2020-07-23T03:48:23","guid":{"rendered":"https:\/\/wncen.com\/?p=431868"},"modified":"2024-06-11T14:05:33","modified_gmt":"2024-06-11T14:05:33","slug":"bitcoin-smashes-uptrend-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-smashes-uptrend-resistance\/","title":{"rendered":"Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market"},"content":{"rendered":"
Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600.<\/em><\/p>\n In the past two days, there was a positive price action in bitcoin above $9,200 against the US Dollar. BTC started a steady rise<\/a> and broke the $9,300 and $9,500 resistance levels.<\/p>\n The price even spiked above the $9,550 resistance and settled well above the 100 hourly simple moving average<\/a>. It traded to a new monthly high at $9,568. Bitcoin is currently consolidating gains above the $9,500 level.<\/p>\n An initial support is near the $9,500 level since it is close to the 23.6% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high. The first major support is near the $9,450 level, below which the price might extend its decline.<\/p>\n There is also a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC\/USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high.<\/p>\n <\/a><\/p>\n On the upside, the bulls need to gain strength above the $9,550 and $9,580 levels. If they succeed, the price is likely to accelerate higher towards $9,800 in the near term. Any further gains could lead the price towards the $10,000 barrier.<\/p>\n If bitcoin corrects lower, the bulls are likely to protect $9,450 or $9,400. A downside break below the trend line support might call for an extended decline towards $9,360.<\/p>\n The next major support is near the $9,300 level, followed by the 100 hourly simple moving average. Any further losses may perhaps push the price back towards the $9,000 support.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 70 level.<\/p>\n Major Support Levels \u2013 $9,450, followed by $9,400.<\/p>\n Major Resistance Levels \u2013 $9,550, $9,580 and $9,650.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600. Bitcoin is up close to 2% and it surpassed the key $9,500 resistance level. The price traded to a new monthly high at $9,568 and it is above the 100 hourly simple moving average. There is a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct lower in the short-term, but the bulls are likely to protect $9,450 or $9,400. Bitcoin Price Breaks $9,500 In the past two days, there was a positive price action in bitcoin above $9,200 against the US Dollar. BTC started a steady rise and broke the $9,300 and $9,500 resistance levels. The price even spiked above the $9,550 resistance and settled well above the 100 hourly simple moving average. It traded to a new monthly high at $9,568. Bitcoin is currently consolidating gains above the $9,500 level. An initial support is near the $9,500 level since it is close to the 23.6% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high. The first major support is near the $9,450 level, below which the price might extend its decline. There is also a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC\/USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high. Bitcoin price smashes $9,500: Source: TradingView.com On the upside, the bulls need to gain strength above the $9,550 and $9,580 levels. If they succeed, the price is likely to accelerate higher towards $9,800 in the near term. Any further gains could lead the price towards the $10,000 barrier. Uptrend Intact in BTC If bitcoin corrects lower, the bulls are likely to protect $9,450 or $9,400. A downside break below the trend line support might call for an extended decline towards $9,360. The next major support is near the $9,300 level, followed by the 100 hourly simple moving average. Any further losses may perhaps push the price back towards the $9,000 support. Technical indicators: Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 70 level. Major Support Levels \u2013 $9,450, followed by $9,400. Major Resistance Levels \u2013 $9,550, $9,580 and $9,650.<\/p>\n","protected":false},"author":67,"featured_media":431870,"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-431868","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 Breaks $9,500<\/h2>\n
Bitcoin price smashes $9,500: Source: TradingView.com<\/a><\/pre>\n
Uptrend Intact in BTC<\/h2>\n