{"id":445907,"date":"2020-10-09T04:08:40","date_gmt":"2020-10-09T04:08:40","guid":{"rendered":"https:\/\/wncen.com\/?p=445907"},"modified":"2024-06-11T14:06:52","modified_gmt":"2024-06-11T14:06:52","slug":"bitcoin-overcame-hurdles-11k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-overcame-hurdles-11k\/","title":{"rendered":"TA: Bitcoin Overcame Hurdles, But $11K Still Presents A Significant Challenge"},"content":{"rendered":"
Bitcoin price managed to stay above the $10,550 support and climbed above $10,800 against the US Dollar. BTC is now facing the main hurdle near the $10,950 and $11,000 levels.<\/em><\/p>\n Bitcoin price made another attempt to clear the $10,550 support<\/a> against the US Dollar. However, BTC remained well bid above the $10,550 support level, resulting in a fresh bullish reaction.<\/p>\n There was a break above the $10,650 and $10,700 resistance levels to start a decent upward move. More importantly, there was a break above a major bearish trend line with resistance near $10,635 on the hourly chart of the BTC\/USD pair.<\/p>\n Bitcoin is up over 2% and it cleared the $10,800 resistance<\/a> level. The upward move was such that the price even spiked above the $10,950 resistance. A new intraday high is formed near $10,971 and the price is currently consolidating gains.<\/p>\n <\/a><\/p>\n It seems like there is a contracting triangle forming with support near $10,880 on the same chart. The triangle support is close to the 23.6% Fib retracement level of the recent increase from the $10,539 low to $10,971 high.<\/p>\n On the upside, the first major resistance is near the $10,950 level. The main hurdle is still near the $11,000 level. A successful close above the $11,000 resistance could open the doors for a sustained upward move towards $11,500 in the near term.<\/p>\n The first key support for bitcoin is near the triangle trend line at $10,880. The next major support is near the $10,800 level or the 50% Fib retracement level of the recent increase from the $10,539 low to $10,971 high.<\/p>\n Any further losses could lead the price towards the $10,700 support level since it is close to the 100 hourly simple moving average.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is showing positive signs in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level.<\/p>\n Major Support Levels \u2013 $10,880, followed by $10,800.<\/p>\n Major Resistance Levels \u2013 $10,950, $11,000 and $11,200.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price managed to stay above the $10,550 support and climbed above $10,800 against the US Dollar. BTC is now facing the main hurdle near the $10,950 and $11,000 levels. Bitcoin is up over 2% and it found a strong buying interest near the $10,550 support level. The price is trading above the 100 hourly simple moving average, but facing hurdles near $10,950. There was a break above a major bearish trend line with resistance near $10,635 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could rally if it clear the $10,950 and $11,000 resistance levels. Bitcoin Price is Attempting Bullish Breakout Bitcoin price made another attempt to clear the $10,550 support against the US Dollar. However, BTC remained well bid above the $10,550 support level, resulting in a fresh bullish reaction. There was a break above the $10,650 and $10,700 resistance levels to start a decent upward move. More importantly, there was a break above a major bearish trend line with resistance near $10,635 on the hourly chart of the BTC\/USD pair. Bitcoin is up over 2% and it cleared the $10,800 resistance level. The upward move was such that the price even spiked above the $10,950 resistance. A new intraday high is formed near $10,971 and the price is currently consolidating gains. Bitcoin price recovers above $10,800. Source: TradingView.com It seems like there is a contracting triangle forming with support near $10,880 on the same chart. The triangle support is close to the 23.6% Fib retracement level of the recent increase from the $10,539 low to $10,971 high. On the upside, the first major resistance is near the $10,950 level. The main hurdle is still near the $11,000 level. A successful close above the $11,000 resistance could open the doors for a sustained upward move towards $11,500 in the near term. Dips Now Supported in BTC? The first key support for bitcoin is near the triangle trend line at $10,880. The next major support is near the $10,800 level or the 50% Fib retracement level of the recent increase from the $10,539 low to $10,971 high. Any further losses could lead the price towards the $10,700 support level since it is close to the 100 hourly simple moving average. Technical indicators: Hourly MACD \u2013 The MACD is showing positive signs in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 60 level. Major Support Levels \u2013 $10,880, followed by $10,800. Major Resistance Levels \u2013 $10,950, $11,000 and $11,200.<\/p>\n","protected":false},"author":67,"featured_media":445909,"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-445907","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 Attempting Bullish Breakout<\/h2>\n
Bitcoin price recovers above $10,800. Source: TradingView.com<\/a><\/pre>\n
Dips Now Supported in BTC?<\/h2>\n