{"id":439087,"date":"2020-09-21T04:08:29","date_gmt":"2020-09-21T04:08:29","guid":{"rendered":"https:\/\/wncen.com\/?p=439087"},"modified":"2024-06-11T14:16:39","modified_gmt":"2024-06-11T14:16:39","slug":"bitcoin-topside-bias-vulnerable-3","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-topside-bias-vulnerable-3\/","title":{"rendered":"Bitcoin Topside Bias Vulnerable If it Closes Below One Crucial Level"},"content":{"rendered":"
Bitcoin price retested the $10,750 support and recently corrected higher against the US Dollar. BTC must stay above $10,750 to start a fresh increase in the near term.<\/em><\/p>\n After trading close to the $11,200 level, bitcoin price started a downside correction<\/a> against the US Dollar. BTC corrected below the $11,000 level and the 100 hourly simple moving average.<\/p>\n However, the bulls were able to protect the main $10,750 support zone. A low is formed near the $10,767 level and the price is currently rising. It broke the $10,850 and $10,880 levels to move back into a short-term positive zone<\/a>.<\/p>\n There was also a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC\/USD pair. Bitcoin tested the 50% Fib retracement level of the recent decline from the $11,180 high to $10,767 low.<\/p>\n <\/a><\/p>\n The price is currently trading well above the $10,750 support and testing the 100 hourly simple moving average. On the upside, the first major resistance is near the $11,000 level.<\/p>\n The next key resistance is near the $11,020 level or the 61.8% Fib retracement level of the recent decline from the $11,180 high to $10,767 low. If there is a clear break above the $11,000 and $11,020 levels, the price is likely to continue higher.<\/p>\n The next key hurdle for the bulls could be near the $11,200 level. Any further gains may perhaps open the doors for a larger upward move towards the $11,500 level in the near term.<\/p>\n If bitcoin fails to settle above the $11,000 pivot level, there is a risk of another decline. The main support on the downside is near the $10,750 zone, where the bulls took a stand on many occasions.<\/p>\n A clear break below the $10,800 and $10,750 support levels could spark a sharp decline. The next major support where the bulls might appear is near the $10,550 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and approaching the 50 level.<\/p>\n Major Support Levels \u2013 $10,850, followed by $10,750.<\/p>\n Major Resistance Levels \u2013 $11,000, $11,020 and $11,200.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price retested the $10,750 support and recently corrected higher against the US Dollar. BTC must stay above $10,750 to start a fresh increase in the near term. Bitcoin is struggling to gains momentum above the $11,000 and $11,000 resistance levels. The price is currently trading well above the $10,750 support and testing the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could nosedive if the bulls fail to protect the $10,750 support zone in the near term. Bitcoin Price Holding Key Support After trading close to the $11,200 level, bitcoin price started a downside correction against the US Dollar. BTC corrected below the $11,000 level and the 100 hourly simple moving average. However, the bulls were able to protect the main $10,750 support zone. A low is formed near the $10,767 level and the price is currently rising. It broke the $10,850 and $10,880 levels to move back into a short-term positive zone. There was also a break above a key bearish trend line with resistance near $10,880 on the hourly chart of the BTC\/USD pair. Bitcoin tested the 50% Fib retracement level of the recent decline from the $11,180 high to $10,767 low. Bitcoin price approaching $11,000. Source: TradingView.com The price is currently trading well above the $10,750 support and testing the 100 hourly simple moving average. On the upside, the first major resistance is near the $11,000 level. The next key resistance is near the $11,020 level or the 61.8% Fib retracement level of the recent decline from the $11,180 high to $10,767 low. If there is a clear break above the $11,000 and $11,020 levels, the price is likely to continue higher. The next key hurdle for the bulls could be near the $11,200 level. Any further gains may perhaps open the doors for a larger upward move towards the $11,500 level in the near term. Risk of Bearish Break in BTC? If bitcoin fails to settle above the $11,000 pivot level, there is a risk of another decline. The main support on the downside is near the $10,750 zone, where the bulls took a stand on many occasions. A clear break below the $10,800 and $10,750 support levels could spark a sharp decline. The next major support where the bulls might appear is near the $10,550 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and approaching the 50 level. Major Support Levels \u2013 $10,850, followed by $10,750. Major Resistance Levels \u2013 $11,000, $11,020 and $11,200.<\/p>\n","protected":false},"author":67,"featured_media":439089,"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-439087","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\n
Bitcoin Price Holding Key Support<\/h2>\n
Bitcoin price approaching $11,000. Source: TradingView.com<\/a><\/pre>\n
Risk of Bearish Break in BTC?<\/h2>\n