{"id":439032,"date":"2020-09-20T04:50:44","date_gmt":"2020-09-20T04:50:44","guid":{"rendered":"https:\/\/wncen.com\/?p=439032"},"modified":"2024-06-11T14:16:38","modified_gmt":"2024-06-11T14:16:38","slug":"bitcoin-price-is-primed-for-a-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-is-primed-for-a-rally\/","title":{"rendered":"Bitcoin Price is Primed For a Rally And Only 1 Thing is Holding it Back"},"content":{"rendered":"<p><em>Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is currently correcting lower towards key supports.<\/em><\/p>\n<ul>\n<li>Bitcoin gained pace and traded to a new weekly high at $11,176.<\/li>\n<li>The price is currently correcting below $11,000, but it is well above the 100 simple moving average (4-hours).<\/li>\n<li>There are two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue higher above $11,000 as long as there is no close below $10,800.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Green<\/h2>\n<p>This past week, bitcoin started a <a href=\"https:\/\/wncen.com\/2020\/09\/18\/bitcoin-looks-ready-for-leg-over-11k\/\" target=\"_blank\" rel=\"noopener \">steady rise<\/a> above the $10,650 and $10,800 resistance levels against the US Dollar. BTC even broke the $11,000 level and settled well above 100 simple moving average (4-hours).<\/p>\n<p>A new weekly high is formed near $11,176 and the price is currently correcting lower. There was a break below the $11,050 and $11,000 levels. Bitcoin even traded below the 50% Fib retracement level of the recent increase from the $10,818 low to $11,176 high.<\/p>\n<p>On the downside, there are <a href=\"https:\/\/wncen.com\/2020\/09\/17\/bitcoin-price-holds-strong-above-10800\/\" target=\"_blank\" rel=\"noopener \">couple of important supports<\/a> near the $10,800 level. There are also two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439033\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price breaks $11,000. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>The first trend line is close to the 76.4% Fib retracement level of the recent increase from the $10,818 low to $11,176 high. The second trend line is near the previous breakout zone at $10,800 (a strong support).<\/p>\n<p>On the upside, the bulls are struggling to gain pace above $11,000 and $11,100. A successful close above the $11,200 level might clear the path for a push towards the $11,500 resistance or even $11,800.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin struggles to climb above the $11,000 resistance, it might continue to move down. The main support on the downside is near the second trend line and $10,800.<\/p>\n<p>A clear break and close below the $10,800 support level may perhaps lead the price towards the next major support near the $10,550 level. Any further losses might call for a test of the $10,200 level.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bearish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $10,800<\/p>\n<p>Major Resistance Level \u2013 $11,200<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is currently correcting lower towards key supports. Bitcoin gained pace and traded to a new weekly high at $11,176. The price is currently correcting below $11,000, but it is well above the 100 simple moving average (4-hours). There are two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher above $11,000 as long as there is no close below $10,800. Bitcoin Turns Green This past week, bitcoin started a steady rise above the $10,650 and $10,800 resistance levels against the US Dollar. BTC even broke the $11,000 level and settled well above 100 simple moving average (4-hours). A new weekly high is formed near $11,176 and the price is currently correcting lower. There was a break below the $11,050 and $11,000 levels. Bitcoin even traded below the 50% Fib retracement level of the recent increase from the $10,818 low to $11,176 high. On the downside, there are couple of important supports near the $10,800 level. There are also two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair. Bitcoin price breaks $11,000. Source: TradingView.com The first trend line is close to the 76.4% Fib retracement level of the recent increase from the $10,818 low to $11,176 high. The second trend line is near the previous breakout zone at $10,800 (a strong support). On the upside, the bulls are struggling to gain pace above $11,000 and $11,100. A successful close above the $11,200 level might clear the path for a push towards the $11,500 resistance or even $11,800. Dips Supported in BTC? If bitcoin struggles to climb above the $11,000 resistance, it might continue to move down. The main support on the downside is near the second trend line and $10,800. A clear break and close below the $10,800 support level may perhaps lead the price towards the next major support near the $10,550 level. Any further losses might call for a test of the $10,200 level. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bearish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level. Major Support Level \u2013 $10,800 Major Resistance Level \u2013 $11,200<\/p>\n","protected":false},"author":67,"featured_media":439034,"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-439032","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<title>Bitcoin Price is Primed For a Rally And Only 1 Thing is Holding it Back<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing positive signs above $10,800. 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