{"id":448360,"date":"2020-10-30T03:48:59","date_gmt":"2020-10-30T03:48:59","guid":{"rendered":"https:\/\/wncen.com\/?p=448360"},"modified":"2024-06-11T14:07:44","modified_gmt":"2024-06-11T14:07:44","slug":"bitcoin-regains-strength-13700-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-regains-strength-13700-key\/","title":{"rendered":"TA: Bitcoin Regains Strength, But Break Above $13,700 Holds The Key"},"content":{"rendered":"<p><em>Bitcoin price is up over 3% and it gained strength from the $13,000 support against the US Dollar. BTC is now facing a heavy resistance near the $13,650 and $13,700 levels.<\/em><\/p>\n<ul>\n<li>Bitcoin remained well bid above the $13,000 level and it started a fresh increase.<\/li>\n<li>The price broke the $13,500 resistance and settled above the 100 hourly simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must settle above $13,650 and $13,700 to continue higher in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price Starts Fresh Increase<\/h2>\n<p>Yesterday, we saw a sharp <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-risk-of-extended-downside-correction\/\" target=\"_blank\" rel=\"noopener \">downside correction in bitcoin price<\/a> below the $13,500 support level. BTC even broke the $13,200 support level and spiked below $13,000.<\/p>\n<p>However, dips were limited below the $13,000 support and the price bounced back sharply. It broke the $13,200 and $13,380 levels to move back into a positive zone. There was also a break above the $13,500 resistance and the price settled nicely above the 100 hourly simple moving average.<\/p>\n<p>Bitcoin is now facing a heavy resistance near the $13,650 and $13,700 levels. It already made two attempt to gain strength above $13,650, but failed.<\/p>\n<p>The recent high was formed near $13,672 and the price is currently correcting lower. It broke the $13,500 level, plus traded below the 23.6% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-448361\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/10\/Bitcoin-25.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>There is a major support forming on the downside near the $13,330 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high. There is also a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>On the upside, the bulls need to clear the $13,650 and $13,700 resistance levels to continue higher. In the stated case, the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-just-broke-13-8k\/\" target=\"_blank\" rel=\"noopener \">price could easily drift towards the $14,000 resistance<\/a>.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>If bitcoin fails to clear the $13,650 and $13,700 resistance levels, there is a risk of a downside break. The first key support is near the $13,330 level and the 100 hourly SMA.<\/p>\n<p>A downside break below the $13,330 level and the 100 hourly SMA could spark a fresh increase in selling. In the stated case, the bears may perhaps attempt a bearish break below the trend line and $13,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $13,330, followed by $13,000.<\/p>\n<p>Major Resistance Levels \u2013 $13,650, $13,700 and $14,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is up over 3% and it gained strength from the $13,000 support against the US Dollar. BTC is now facing a heavy resistance near the $13,650 and $13,700 levels. Bitcoin remained well bid above the $13,000 level and it started a fresh increase. The price broke the $13,500 resistance and settled above the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must settle above $13,650 and $13,700 to continue higher in the near term. Bitcoin Price Starts Fresh Increase Yesterday, we saw a sharp downside correction in bitcoin price below the $13,500 support level. BTC even broke the $13,200 support level and spiked below $13,000. However, dips were limited below the $13,000 support and the price bounced back sharply. It broke the $13,200 and $13,380 levels to move back into a positive zone. There was also a break above the $13,500 resistance and the price settled nicely above the 100 hourly simple moving average. Bitcoin is now facing a heavy resistance near the $13,650 and $13,700 levels. It already made two attempt to gain strength above $13,650, but failed. The recent high was formed near $13,672 and the price is currently correcting lower. It broke the $13,500 level, plus traded below the 23.6% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high. Source: BTCUSD on TradingView.com There is a major support forming on the downside near the $13,330 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high. There is also a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC\/USD pair. On the upside, the bulls need to clear the $13,650 and $13,700 resistance levels to continue higher. In the stated case, the price could easily drift towards the $14,000 resistance. Downside Break in BTC? If bitcoin fails to clear the $13,650 and $13,700 resistance levels, there is a risk of a downside break. The first key support is near the $13,330 level and the 100 hourly SMA. A downside break below the $13,330 level and the 100 hourly SMA could spark a fresh increase in selling. In the stated case, the bears may perhaps attempt a bearish break below the trend line and $13,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level. Major Support Levels \u2013 $13,330, followed by $13,000. Major Resistance Levels \u2013 $13,650, $13,700 and $14,000.<\/p>\n","protected":false},"author":67,"featured_media":448362,"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-448360","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<title>TA: Bitcoin Regains Strength, But Break Above $13,700 Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price is up over 3% and it gained strength from $13,000. 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