Bitcoin price is slowly gaining momentum and broke the $ 10,700 resistance against the US dollar. BTC rose 5%, but still faces major resistance around $ 10,800 and $ 11,000.
- Bitcoin is rising and broke the $ 10,500 and $ 10,700 resistance levels.
- It is currently trading well above the $ 10,580 pivot level and the 100 hourly simple moving average.
- There was a break above a key contract triangle with resistance near $ 10,440 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair is still facing significant breakout resistance near $ 10,800 and $ 11,000.
Bitcoin Price Gains Traction
There was a steady increase in bitcoin price from the $ 10,200 support zone against the US dollar. BTC broke the $ 10,500 resistance level to start the latest increase.
The bulls even pushed the price above the $ 10,580 pivot level and the price moved well above the 100 hourly simple moving average. The upward movement gained momentum after a break above a key tightening triangle with resistance near $ 10,440 on the hourly chart of the BTC / USD pair. The pair even broke $ 10,700 and climbed above $ 10,800.
Bitcoin price surged as high as $ 10,827 and is now showing many positive signs. If there is a downside correction, the price may find support near $ 10,730 or the 50% Fib retracement level of the last bullish swing from the low of $ 10,633 to $ 10,827. a may rise.
Bitcoin price trades above $10,700. Source: TradingView.com
On the upside, the bulls will likely face many hurdles around $ 10,800, $ 10,850 and $ 11,000 (as discussed in the weekly analysis). A successful close above the $ 11,000 resistance is required for a continuous upward move.
New Drop in BTC?
If Bitcoin fails to cross the $ 10,800 resistance or the $ 11,000 barrier, there is a risk of a downside correction. Initial support is near the $ 10,730 level.
The first major support is the $ 10,700 level or the $ 10,827 low from the last $ 10,633 low. Close to the 61.8% Fib retracement level of the uptrend. Further losses could push the price towards the $ 10,580 level (former resistance now supported) where the bulls are likely to survive.
Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 65 level.
Major Support Levels – $ 10,700 followed by $ 10,580.
Major Resistance Levels – $ 10,800, $ 10,850 and $ 11,000.