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{"id":436674,"date":"2020-08-30T04:15:36","date_gmt":"2020-08-30T04:15:36","guid":{"rendered":"https:\/\/wncen.com\/?p=436674"},"modified":"2024-06-11T14:15:44","modified_gmt":"2024-06-11T14:15:44","slug":"bitcoin-could-rally-towards-12500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-rally-towards-12500\/","title":{"rendered":"Bitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500"},"content":{"rendered":"

Bitcoin is recovering and it recently broke the $11,500 resistance area against the US Dollar. BTC must climb above the 100 SMA (H4) to continue higher in the near term.<\/em><\/p>\n

\n
Bitcoin is slowly recovering and it surpassed the key $11,500 and $11,550 resistance levels.<\/li>\n
The price is now facing another hurdle near the 100 simple moving average (4-hours) and $11,800.<\/li>\n
There was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to accelerate higher above $12,000 once it clears the 100 simple moving average (4-hours).<\/li>\n<\/ul>\n
Bitcoin is Gaining Traction<\/h2>\n
After forming a double bottom near $11,140<\/a>, bitcoin started a strong recovery wave against the US Dollar. BTC broke the $11,400 and $11,500 resistance levels to move into a positive zone.<\/p>\n
It even surpassed the 23.6% Fib retracement level of the downward move from the $12,479 high to $11,129 low. More importantly, there was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC\/USD pair.<\/p>\n
Bitcoin is now trading nicely above the $11,500 and $11,550 resistance levels<\/a>. It also helped Ethereum and ripple in climbing above $400 and $0.2750 respectively.<\/p>\n
$\"Bitcoin\"$ <\/a><\/p>\n
Bitcoin price breaks $11,500. Source: TradingView.com<\/a><\/pre>\n
An immediate resistance for the bulls is now seen near the $11,700 level or the 100 simple moving average (4-hours). The next major resistance is near the $11,800 level (the last key breakdown zone). It is also close to the 50% Fib retracement level of the downward move from the $12,479 high to $11,129 low.<\/p>\n
Therefore, a clear break above the $11,700 and $11,800 resistance levels could start a larger upward move. In the mentioned case, the price might continue to rise towards the $12,000 and $12,200 levels. The next major hurdle for the bulls is near the $12,500 level.<\/p>\n
Dips Likely Supported in BTC<\/h2>\n
If bitcoin struggles to climb above the 100 SMA or the $11800 resistance, there could be a downside correction. An initial support on the downside is near the $11,500 level.<\/p>\n
The first major support is near the $11,400 level, below which the bears are likely to aim a retest the main $11,100 support region in the near term.<\/p>\n
Technical indicators<\/p>\n
4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bullish zone.<\/p>\n
4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n
Major Support Level \u2013 $11,400<\/p>\n
Major Resistance Level \u2013 $11,700<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is recovering and it recently broke the $11,500 resistance area against the US Dollar. BTC must climb above the 100 SMA (H4) to continue higher in the near term. Bitcoin is slowly recovering and it surpassed the key $11,500 and $11,550 resistance levels. The price is now facing another hurdle near the 100 simple moving average (4-hours) and $11,800. There was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate higher above $12,000 once it clears the 100 simple moving average (4-hours). Bitcoin is Gaining Traction After forming a double bottom near $11,140, bitcoin started a strong recovery wave against the US Dollar. BTC broke the $11,400 and $11,500 resistance levels to move into a positive zone. It even surpassed the 23.6% Fib retracement level of the downward move from the $12,479 high to $11,129 low. More importantly, there was a break above a major bearish trend line with resistance near $11,450 on the 4-hours chart of the BTC\/USD pair. Bitcoin is now trading nicely above the $11,500 and $11,550 resistance levels. It also helped Ethereum and ripple in climbing above $400 and $0.2750 respectively. Bitcoin price breaks $11,500. Source: TradingView.com An immediate resistance for the bulls is now seen near the $11,700 level or the 100 simple moving average (4-hours). The next major resistance is near the $11,800 level (the last key breakdown zone). It is also close to the 50% Fib retracement level of the downward move from the $12,479 high to $11,129 low. Therefore, a clear break above the $11,700 and $11,800 resistance levels could start a larger upward move. In the mentioned case, the price might continue to rise towards the $12,000 and $12,200 levels. The next major hurdle for the bulls is near the $12,500 level. Dips Likely Supported in BTC If bitcoin struggles to climb above the 100 SMA or the $11800 resistance, there could be a downside correction. An initial support on the downside is near the $11,500 level. The first major support is near the $11,400 level, below which the bears are likely to aim a retest the main $11,100 support region in the near term. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Level \u2013 $11,400 Major Resistance Level \u2013 $11,700<\/p>\n","protected":false},"author":67,"featured_media":436676,"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-436674","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":"\nBitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500<\/title>\n<meta name=\"description\" content=\"Bitcoin is recovering and it recently broke the $11,500 resistance. 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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":"Bitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500","url":"http:\/\/wncen.com\/news\/bitcoin-could-rally-towards-12500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-could-rally-towards-12500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_1312720985.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/shutterstock_1312720985.jpg?fit=1000%2C667"},"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":"2020-08-30T04:15:36Z","datePublished":"2020-08-30T04:15:36Z","dateModified":"2024-06-11T14:15:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Above 100 SMA Could Start Fresh Rally Towards $12,500\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-could-rally-towards-12500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-could-rally-towards-12500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_1312720985.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_1312720985.jpg?fit=1000%2C667\"},\"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\":\"2020-08-30T04:15:36Z\",\"datePublished\":\"2020-08-30T04:15:36Z\",\"dateModified\":\"2024-06-11T14:15:44Z\"}<\/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_1312720985.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436674"}],"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=436674"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436676"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}