{"id":437684,"date":"2020-09-08T04:08:46","date_gmt":"2020-09-08T04:08:46","guid":{"rendered":"https:\/\/wncen.com\/?p=437684"},"modified":"2024-06-11T14:16:06","modified_gmt":"2024-06-11T14:16:06","slug":"bitcoin-could-recover-above-10500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-could-recover-above-10500\/","title":{"rendered":"Bitcoin Could Recover Above $10,500 As Double Bottom Pattern Emerges"},"content":{"rendered":"
Bitcoin price retested the $9,900 zone against the US Dollar. BTC seems to be forming a double bottom pattern near $9,900 and it could start a decent increase above $10,500.<\/em><\/p>\n Yesterday, there was another downward move<\/a> below the $10,200 level in bitcoin price against the US Dollar. BTC retested the $9,900 zone and remained well bid. A strong support base was formed near $9,880 and the price started fresh increase.<\/p>\n It seems like there is a double bottom pattern forming near the $9,880 level. Bitcoin is recovering higher and it surpassed the $10,200 resistance level.<\/p>\n There was also a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC\/USD pair. The pair is now trading nicely above $10,300 and the 100 hourly simple moving average.<\/p>\n <\/a><\/p>\n It tested the $10,400 resistance and a high is formed near $10,415. The price is currently correcting lower and trading near the $10,320 level. An initial support is near the $10,280 level or the 23.6% Fib retracement level of the recent rise from the $9,891 low to $10,415 high.<\/p>\n The first major support on the downside is near the broke channel resistance and $10,150. The 50% Fib retracement level of the recent rise from the $9,891 low to $10,415 high is also near $10,150.<\/p>\n On the upside, the price is facing a couple of strong hurdles near $10,400 and $10,500. If the highlighted double bottom pattern plays well, there are chances of a strong increase above $10,500 and $10,550 in the near term.<\/p>\n If the bulls fail to gain strength and bitcoin dips below the $10,150 support, it could revisit the $10,000 and $9,880 support levels.<\/p>\n\n
Bitcoin Price Could Recover Higher<\/h2>\n
Bitcoin price trades above $10,300. Source: TradingView.com<\/a><\/pre>\n
Fresh Rejection in BTC?<\/h2>\n