Bitcoin price broke the $ 10,500 resistance, but struggled to settle on it against the US dollar. BTC currently holds the $ 10,200 support under which the bears can strengthen.
- Bitcoin is currently facing hurdles near the $ 10,400 and $ 10,500 resistance levels.
- It is trading near the 100 hourly simple moving average and well above the $ 10,200 support.
- There was a break below a major bullish trend line with support near $ 10,350 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair should gain momentum above the $ 10,500 resistance to continue to rise towards $ 11,000.
Bitcoin Price Faces Obstacles
In the past two days, Bitcoin price has recovered above the $ 10,400 level against the US Dollar. BTC even broke the $ 10,500 resistance and moved above the 100 hourly simple moving average.
However, the bulls failed to gain strength above $ 10,500. A high of around $ 10,573 was formed, and the price reduced most of its gains. It broke the $ 10,400 level and the 100 hourly SMA. Also, there was a break below a major bullish trend line with support near $ 10,350 on the hourly chart of the BTC / USD pair.
Bitcoin price traded close to the $ 10,200 support and formed a low around $ 10,215. The price is currently rising and trading above $ 10,300. Above the 23.6% Fib retracement level of the last decline from $ 10,573 to $ 10,215 There was a decline until.
Bitcoin price trades below $10,400. Source: TradingView.com
It is currently trading near the 100 hourly simple moving average and well above the $ 10,200 support. On the upside, initial resistance is near the $ 10,400 level. Near the 50% Fib retracement level of the last decline from $ 10,573 to $ 10,215 a low.
The next major resistance is near the $ 10,500 level. A successful close above the $ 10,500 resistance level is essential to continue upside. The next major resistance followed the key $ 11,000 hurdle near $ 10,800.
New Drop in BTC?
If Bitcoin fails to cross the $ 10,400 or $ 10,500 resistance there is a risk of a downside breakout. Initial support is near the $ 10,250 level. The next major support is near the $ 10,200 level (previous breakout zone).
A close below the $ 10,200 support could steer the price towards the $ 10,000 support. Further losses could put a lot of pressure on the bulls and the price could drop to $ 9,500.
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently near the 50 level.
Major Support Levels – $ 10,250 followed by $ 10,200.
Major Resistance Levels – $ 10,400, $ 10,500 and $ 10,600.