Bitcoin price surged above the $ 10,800 resistance against the US dollar. However, BTC is struggling to overcome the crucial $ 11,000 hurdle and could drop sharply.
- Bitcoin traded above the $ 10,700 and $ 10,800 resistance levels.
- The price is still trading well below the $ 11,000 limit, but above the 100 hourly simple moving average.
- There is a key contract triangle with resistance near $ 10,800 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could break the $ 11,000 barrier or drop sharply below the $ 10,650 support zone.
Bitcoin Price Approaches Significant Resistance
There was an upward spike in bitcoin price above the $ 10,700 resistance against the US dollar. BTC even broke the $ 10,800 resistance level and settled well above the 100 hourly simple moving average.
The price traded as high as $ 10,935 and $ 11,000. The barrier seems to be already in the game. Bitcoin dropped more than $ 200 from its recent high and tested the $ 10,650 support. A low has occurred around $ 10,671 and the price is currently consolidating losses.
The 23.6% Fib retracement level of the last drop from $ 10,935 to $ 10,671 testing until. There appears to be a key contract triangle with resistance near $ 10,800 on the hourly chart of the BTC / USD pair.
Bitcoin price trades above $10,800. Source: TradingView.com
If there is an upside break above the $ 10,800 resistance, the price could break the high of $ 10,935 and continue to rise. On the upside, there is a major hurdle awaiting bulls near the $ 11,000 level (as discussed in the weekly analysis). A successful close above the $ 11,000 resistance is essential to start a strong rise.
Negative Breakdown in BTC?
If Bitcoin fails to exceed $ 10,800 resistance, or $ 11,000. If it struggles to test the barrier, there is a risk of a sharp fall. The first support on the downside is near the triangle trend line at $ 10,650.
A clear break below the $ 10,650 support zone could push the price towards the $ 10,500 support. Further losses could perhaps initiate a steady downward move and the price could drop to the $ 10,000 support and even $ 9,880.
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently just below the 50 level.
Major Support Levels – $ 10,650 followed by $ 10,500.
Major Resistance Levels – $ 10,800, $ 10,850 and $ 11,000.