{"id":433084,"date":"2020-08-03T03:48:34","date_gmt":"2020-08-03T03:48:34","guid":{"rendered":"https:\/\/wncen.com\/?p=433084"},"modified":"2024-06-11T14:05:59","modified_gmt":"2024-06-11T14:05:59","slug":"bitcoin-holding-strong-at-11k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holding-strong-at-11k\/","title":{"rendered":"Bitcoin Holding Strong At $11K, But 100 SMA Holds The Key To Start Fresh Rally"},"content":{"rendered":"
Bitcoin crashed more than $1,500 from the $12,115 high against the US Dollar. BTC is currently consolidating above $11,000 and it must surpass the 100 hourly SMA for a fresh rally.<\/em><\/p>\n There was a strong increase in bitcoin price<\/a> above the $11,000 and $11,500 levels against the US Dollar. BTC even broke the $12,000 level and traded to a new multi-month high above $12,100.<\/p>\n A high was formed near $12,115 high before the price crashed more than $1,500. It broke many key supports near $11,500 and $11,000. There was a spike below the $10,850 support, but the price stayed above the main $10,500 support zone.<\/p>\n A low is formed near $10,591 and the price is currently correcting higher. There was a break above the $11,000 resistance, plus the 23.6% Fib retracement level of the recent decline from the $12,115 high to $10,591 low.<\/p>\n However, the price seems to be struggling to clear the $11,200 and $11,250 resistance levels. The 100 hourly simple moving average<\/a> is positioned near the $11,300 level to prevent an upside break. There is also a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The pair must clear the triangle resistance and the 100 hourly SMA to start a fresh increase. The next major resistance is near the $11,450 and $11,500 levels. It is close to the 50% Fib retracement level of the recent decline from the $12,115 high to $10,591 low.<\/p>\n A successful close above the $11,500 level will most likely push the price back into a bullish zone. In the mentioned case, the price is likely to climb back towards the $12,000 resistance.<\/p>\n The triangle support is near the $11,000 level, below which bitcoin price might retest the $10,850 support level in the near term.<\/p>\n The main support is near the $10,600 and $10,500 levels, below which the bears are likely to aim a larger decline (may be towards $10,000).<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly moving back into the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 50 level.<\/p>\n Major Support Levels \u2013 $11,000, followed by $10,850.<\/p>\n Major Resistance Levels \u2013 $11,200, $11,300 and $11,450.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin crashed more than $1,500 from the $12,115 high against the US Dollar. BTC is currently consolidating above $11,000 and it must surpass the 100 hourly SMA for a fresh rally. Bitcoin is holding a couple of important supports near the $11,000 and $10,850 levels. The price seems to be facing a strong resistance near the 100 hourly SMA and $11,450. There is a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must clear the 100 hourly SMA and $11,450 to start a fresh rally. Bitcoin Price is Consolidating Losses There was a strong increase in bitcoin price above the $11,000 and $11,500 levels against the US Dollar. BTC even broke the $12,000 level and traded to a new multi-month high above $12,100. A high was formed near $12,115 high before the price crashed more than $1,500. It broke many key supports near $11,500 and $11,000. There was a spike below the $10,850 support, but the price stayed above the main $10,500 support zone. A low is formed near $10,591 and the price is currently correcting higher. There was a break above the $11,000 resistance, plus the 23.6% Fib retracement level of the recent decline from the $12,115 high to $10,591 low. However, the price seems to be struggling to clear the $11,200 and $11,250 resistance levels. The 100 hourly simple moving average is positioned near the $11,300 level to prevent an upside break. There is also a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC\/USD pair. Bitcoin price trades above $11,000. Source: TradingView.com The pair must clear the triangle resistance and the 100 hourly SMA to start a fresh increase. The next major resistance is near the $11,450 and $11,500 levels. It is close to the 50% Fib retracement level of the recent decline from the $12,115 high to $10,591 low. A successful close above the $11,500 level will most likely push the price back into a bullish zone. In the mentioned case, the price is likely to climb back towards the $12,000 resistance. Fresh Decline in BTC? The triangle support is near the $11,000 level, below which bitcoin price might retest the $10,850 support level in the near term. The main support is near the $10,600 and $10,500 levels, below which the bears are likely to aim a larger decline (may be towards $10,000). Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 50 level. Major Support Levels \u2013 $11,000, followed by $10,850. Major Resistance Levels \u2013 $11,200, $11,300 and $11,450.<\/p>\n","protected":false},"author":67,"featured_media":433086,"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-433084","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 is Consolidating Losses<\/h2>\n
Bitcoin price trades above $11,000. Source: TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n