{"id":437942,"date":"2020-09-10T04:08:16","date_gmt":"2020-09-10T04:08:16","guid":{"rendered":"https:\/\/wncen.com\/?p=437942"},"modified":"2024-06-11T11:26:33","modified_gmt":"2024-06-11T11:26:33","slug":"bitcoin-near-key-inflection-zone","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-near-key-inflection-zone\/","title":{"rendered":"Bitcoin Near Key Inflection Zone, $10,500 Holds The Key For Next Rally"},"content":{"rendered":"
Bitcoin price remained well supported above $9,900 and $10,000 against the US Dollar. BTC is currently recovering and approaching a major breakout zone at $10,500.<\/em><\/p>\n Recently, there was another test of the $10,000 and $9,900 support levels by bitcoin price against the US Dollar. BTC remained well supported and the bears failed to push the price below the $9,850 swing low.<\/p>\n It started a decent upward move and surpassed the $10,150 and $10,200 resistance levels. There was also a close above the $10,200 level and the 100 hourly simple moving average. It is now trading near the $10,450 resistance<\/a>, where the bulls seem to be struggling.<\/p>\n If there is a downside correction, bitcoin might find support near the $10,300 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $9,859 swing low to $10,441 high.<\/p>\n <\/a><\/p>\n There is also a key rising channel forming with support near $10,300 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support, the pair could test the $10,150 support level or the 100 hourly SMA.<\/p>\n The 50% Fib retracement level of the recent upward move from the $9,859 swing low to $10,441 high is also near the $10,150 level. On the upside, the bulls are facing a couple of important hurdles near $10,450 and $10,500 levels.<\/p>\n A successful close above the $10,500 resistance level may perhaps open the doors for a larger rally. The next major resistance is near $10,600, above which the bulls might aim a test of $11,000.<\/p>\n If bitcoin fails to clear the $10,500 resistance, there could be another downward move. The first key support is near the channel support, followed by the 100 hourly SMA at $10,150.<\/p>\n\n
Bitcoin Price is Recovering<\/h2>\n
Bitcoin price trades near $10,450. Source: TradingView.com<\/a><\/pre>\n
Another Rejection in BTC?<\/h2>\n