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{"id":436421,"date":"2020-08-27T04:08:43","date_gmt":"2020-08-27T04:08:43","guid":{"rendered":"https:\/\/wncen.com\/?p=436421"},"modified":"2024-06-11T14:15:38","modified_gmt":"2024-06-11T14:15:38","slug":"bitcoin-must-clear-11500-for-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-must-clear-11500-for-rally\/","title":{"rendered":"Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally"},"content":{"rendered":"

Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance.<\/em><\/p>\n

\n
Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels.<\/li>\n
The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average.<\/li>\n
There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could either break the $11,550 barrier or slide further below the $11,100 support.<\/li>\n<\/ul>\n
Bitcoin Price Facing Hurdles<\/h2>\n
Bitcoin price started a short-term upside correction from the $11,100 support against the US Dollar. BTC recovered above the $11,200 and $11,400 levels, but it faced a strong resistance near the $11,500 level.<\/p>\n
A high is formed near $11,540 and the price is still well below the 100 hourly simple moving average<\/a>. It is currently declining and trading below $11,400. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high.<\/p>\n
The next major support is near the $11,330 level since it is close to the 50% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. It seems like there is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price trades below $11,500. Source: TradingView.com<\/a><\/pre>\n
On the upside, the bulls are facing a major hurdle near the trend line, $11,500, $11,550, and the 100 hourly simple moving average. These are key reasons why a successful close above the $11,550 level and the 100 hourly SMA is must to increase chances of a fresh increase.<\/p>\n
The next major resistance is near the $11,700 level, above which bitcoin could attempt an upside break above the $11,800 level in the near term.<\/p>\n
Downside Break in BTC?<\/h2>\n
If bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels.<\/p>\n
The main support is now forming near the $11,100 level, below which there is a risk of more losses below the $11,000 support<\/a>. The next major support could be $10,500.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level.<\/p>\n
Major Support Levels \u2013 $11,300, followed by $11,100.<\/p>\n
Major Resistance Levels \u2013 $11,500, $11,550 and $11,700.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance. Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels. The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average. There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either break the $11,550 barrier or slide further below the $11,100 support. Bitcoin Price Facing Hurdles Bitcoin price started a short-term upside correction from the $11,100 support against the US Dollar. BTC recovered above the $11,200 and $11,400 levels, but it faced a strong resistance near the $11,500 level. A high is formed near $11,540 and the price is still well below the 100 hourly simple moving average. It is currently declining and trading below $11,400. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. The next major support is near the $11,330 level since it is close to the 50% Fib retracement level of the recent recovery wave from the $11,100 swing low to $11,540 high. It seems like there is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC\/USD pair. Bitcoin price trades below $11,500. Source: TradingView.com On the upside, the bulls are facing a major hurdle near the trend line, $11,500, $11,550, and the 100 hourly simple moving average. These are key reasons why a successful close above the $11,550 level and the 100 hourly SMA is must to increase chances of a fresh increase. The next major resistance is near the $11,700 level, above which bitcoin could attempt an upside break above the $11,800 level in the near term. Downside Break in BTC? If bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels. The main support is now forming near the $11,100 level, below which there is a risk of more losses below the $11,000 support. The next major support could be $10,500. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to move above the 50 level. Major Support Levels \u2013 $11,300, followed by $11,100. Major Resistance Levels \u2013 $11,500, $11,550 and $11,700.<\/p>\n","protected":false},"author":67,"featured_media":436423,"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-436421","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":"\nKey Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally","url":"http:\/\/wncen.com\/news\/bitcoin-must-clear-11500-for-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-must-clear-11500-for-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_1331312183.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_1331312183.jpg?fit=1000%2C705"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-08-27T04:08:43Z","datePublished":"2020-08-27T04:08:43Z","dateModified":"2024-06-11T14:15:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-must-clear-11500-for-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-must-clear-11500-for-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_1331312183.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_1331312183.jpg?fit=1000%2C705\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-08-27T04:08:43Z\",\"datePublished\":\"2020-08-27T04:08:43Z\",\"dateModified\":\"2024-06-11T14:15:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_1331312183.jpg?fit=1000%2C705","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436421"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=436421"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436423"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Downside Break in BTC?<\/h2>\nIf bitcoin fails to recover above the $11,500 and $11,500 levels, there could be another bearish reaction. The first major support is near the $11,330 and $11,300 levels.<\/p>\n