{"id":440590,"date":"2020-10-06T04:08:36","date_gmt":"2020-10-06T04:08:36","guid":{"rendered":"https:\/\/wncen.com\/?p=440590"},"modified":"2024-06-11T14:17:33","modified_gmt":"2024-06-11T14:17:33","slug":"bitcoin-near-crucial-breakout-pattern","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-near-crucial-breakout-pattern\/","title":{"rendered":"It\u2019s Decision Time for Bitcoin as Technicals Suggest a Crucial Breakout Pattern"},"content":{"rendered":"
Bitcoin price is extending its rise above $10,750 against the US Dollar. BTC is now approaching a crucial breakout zone near $10,850, $10,920, and $11,000.<\/em><\/p>\n Bitcoin price found support near the $10,350 zone and recently started a decent recovery wave against the US Dollar. BTC broke the $10,550 and $10,650 resistance levels<\/a> to move into a short-term positive zone.<\/p>\n The upward move was such that the price was able to climb above the 50% Fib retracement level of the main drop from the $10,930 high to $10,387 low. The bulls were able to push the price above the $10,750 level and it tested the $10,800 resistance<\/a>.<\/p>\n The price is currently facing selling interest near the 76.4% Fib retracement level of the main drop from the $10,930 high to $10,387 low. It seems like yesterday\u2019s highlighted important rising channel is active with support near $10,720 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The price is now approaching a couple of major hurdles near $10,850, $10,920 and $11,000. A successful daily close above the $11,000 resistance level is needed to start a strong upward move.<\/p>\n The next key resistance is near the $11,200 level, above which the bulls are likely to aim a test of the $11,500 level in the near term.<\/p>\n If bitcoin fails to continue higher above the $10,850 resistance or the $10,920 hurdle, there is a risk of another bearish reaction. An initial support on the downside is the channel trend line at $10,720.<\/p>\n A break below the channel support could lead the price towards the $10,650 support. The next major support is near the $10,600 level since it is close to the 100 hourly simple moving average.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is currently struggling to gain momentum in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat near the 60 level.<\/p>\n Major Support Levels \u2013 $10,720, followed by $10,650.<\/p>\n Major Resistance Levels \u2013 $10,800, $10,850 and $10,920.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is extending its rise above $10,750 against the US Dollar. BTC is now approaching a crucial breakout zone near $10,850, $10,920, and $11,000. Bitcoin started a decent recovery wave above the $10,550 and $10,650 resistance levels. The price was able to clear the $10,750 resistance and settled above the 100 hourly simple moving average. Yesterday\u2019s highlighted important rising channel is active with support near $10,720 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is approaching a couple of major hurdles near $10,850, $10,920 and $11,000. Bitcoin Price is Approaching Major Breakout Zone Bitcoin price found support near the $10,350 zone and recently started a decent recovery wave against the US Dollar. BTC broke the $10,550 and $10,650 resistance levels to move into a short-term positive zone. The upward move was such that the price was able to climb above the 50% Fib retracement level of the main drop from the $10,930 high to $10,387 low. The bulls were able to push the price above the $10,750 level and it tested the $10,800 resistance. The price is currently facing selling interest near the 76.4% Fib retracement level of the main drop from the $10,930 high to $10,387 low. It seems like yesterday\u2019s highlighted important rising channel is active with support near $10,720 on the hourly chart of the BTC\/USD pair. Bitcoin price climbs above $10,750. Source: TradingView.com The price is now approaching a couple of major hurdles near $10,850, $10,920 and $11,000. A successful daily close above the $11,000 resistance level is needed to start a strong upward move. The next key resistance is near the $11,200 level, above which the bulls are likely to aim a test of the $11,500 level in the near term. Another Rejection in BTC? If bitcoin fails to continue higher above the $10,850 resistance or the $10,920 hurdle, there is a risk of another bearish reaction. An initial support on the downside is the channel trend line at $10,720. A break below the channel support could lead the price towards the $10,650 support. The next major support is near the $10,600 level since it is close to the 100 hourly simple moving average. Technical indicators: Hourly MACD \u2013 The MACD is currently struggling to gain momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat near the 60 level. Major Support Levels \u2013 $10,720, followed by $10,650. Major Resistance Levels \u2013 $10,800, $10,850 and $10,920.<\/p>\n","protected":false},"author":67,"featured_media":440592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-440590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Approaching Major Breakout Zone<\/h2>\n
Bitcoin price climbs above $10,750. Source: TradingView.com<\/a><\/pre>\n
Another Rejection in BTC?<\/h2>\n