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{"id":440676,"date":"2020-10-07T04:08:17","date_gmt":"2020-10-07T04:08:17","guid":{"rendered":"https:\/\/wncen.com\/?p=440676"},"modified":"2024-06-11T14:17:32","modified_gmt":"2024-06-11T14:17:32","slug":"bitcoin-rejected-10800-vulnerable-10500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rejected-10800-vulnerable-10500\/","title":{"rendered":"TA: Bitcoin Rejected $10,800, And It’s Vulnerable to a Drop Below $10,500"},"content":{"rendered":"

Bitcoin price failed to clear the $10,800 resistance and started a fresh decline against the US Dollar. BTC could continue to move down below $10,500 as long as it is below the 100 hourly SMA.<\/em><\/p>\n

\n
Bitcoin failed to hold gains and started a fresh decline from the $10,800 resistance level.<\/li>\n
The price broke the $10,650 support and settled below the 100 hourly simple moving average.<\/li>\n
This week\u2019s important ascending channel was breached with support near $10,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently holding the $10,550 support, but it remains at a risk of more losses.<\/li>\n<\/ul>\n
Bitcoin Price Resumes Decline<\/h2>\n
Bitcoin price failed to clear the key $10,800 resistance<\/a> and started a fresh decline against the US Dollar. BTC traded as high as $10,803 before the bulls lost control.<\/p>\n
As a result, there was a bearish reaction below the $10,750 and $10,700 levels. The decline gained pace after this week\u2019s important ascending channel was breached with support near $10,700 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin traded below the 50% Fib retracement level of the upward move from the $10,387 swing low to $10,803 swing high. The price is now trading well below the $10,650 support and the 100 hourly simple moving average.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price dives below $10,650. Source: TradingView.com<\/a><\/pre>\n
It is currently holding the $10,550 support, but it remains at a risk of more losses. The $10,550 support is close to the 61.8% Fib retracement level of the upward move from the $10,387 swing low to $10,803 swing high.<\/p>\n
If there is a downside break below the $10,550 support level, the bears are likely to aim a test of the $10,387 swing low. Any further losses might lead the price towards the $10,250 support or even $10,000 in the near term.<\/p>\n
Upsides Capped in BTC?<\/h2>\n
If bitcoin starts an upside correction, it could face resistance near the $10,650 level and the 100 hourly simple moving average.<\/p>\n
A proper close above the $10,650 and $10,680 levels might start a fresh increase. The next major resistance<\/a> is near the $10,800 level, above which the bulls might aim a break above $10,950.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level.<\/p>\n
Major Support Levels \u2013 $10,550, followed by $10,380.<\/p>\n
Major Resistance Levels \u2013 $10,650, $10,800 and $10,950.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price failed to clear the $10,800 resistance and started a fresh decline against the US Dollar. BTC could continue to move down below $10,500 as long as it is below the 100 hourly SMA. Bitcoin failed to hold gains and started a fresh decline from the $10,800 resistance level. The price broke the $10,650 support and settled below the 100 hourly simple moving average. This week\u2019s important ascending channel was breached with support near $10,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently holding the $10,550 support, but it remains at a risk of more losses. Bitcoin Price Resumes Decline Bitcoin price failed to clear the key $10,800 resistance and started a fresh decline against the US Dollar. BTC traded as high as $10,803 before the bulls lost control. As a result, there was a bearish reaction below the $10,750 and $10,700 levels. The decline gained pace after this week\u2019s important ascending channel was breached with support near $10,700 on the hourly chart of the BTC\/USD pair. Bitcoin traded below the 50% Fib retracement level of the upward move from the $10,387 swing low to $10,803 swing high. The price is now trading well below the $10,650 support and the 100 hourly simple moving average. Bitcoin price dives below $10,650. Source: TradingView.com It is currently holding the $10,550 support, but it remains at a risk of more losses. The $10,550 support is close to the 61.8% Fib retracement level of the upward move from the $10,387 swing low to $10,803 swing high. If there is a downside break below the $10,550 support level, the bears are likely to aim a test of the $10,387 swing low. Any further losses might lead the price towards the $10,250 support or even $10,000 in the near term. Upsides Capped in BTC? If bitcoin starts an upside correction, it could face resistance near the $10,650 level and the 100 hourly simple moving average. A proper close above the $10,650 and $10,680 levels might start a fresh increase. The next major resistance is near the $10,800 level, above which the bulls might aim a break above $10,950. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well below the 50 level. Major Support Levels \u2013 $10,550, followed by $10,380. Major Resistance Levels \u2013 $10,650, $10,800 and $10,950.<\/p>\n","protected":false},"author":67,"featured_media":440678,"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-440676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Rejected $10,800, And It's Vulnerable to a Drop Below $10,500<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to clear the $10,800 resistance. 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Upsides Capped in BTC?<\/h2>\nIf bitcoin starts an upside correction, it could face resistance near the $10,650 level and the 100 hourly simple moving average.<\/p>\n