Bitcoin expanded its rise towards the $ 10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and may drop a few points before moving to higher levels.
- Bitcoin price is trying to gain momentum against the US $ 10,400 and above $ 10,450.
- The price traded for the new 2020 at $ 10,492 and is currently making a lower correction.
- On the hourly chart of the BTC / USD pair (data flow from Kraken) there is a short-term growing channel with support near $ 10,350.
- The pair may rise to either $ 10,300 support or $ 10,200.
Bitcoin Lost Bull Momentum
This week, bitcoin rose above the $ 10,000 resistance against the US Dollar. BTC price even broke the $ 10,200 resistance and the 100 hourly simple moving average.
Recently, there was pressure towards the $ 10,500 resistance area, but the bulls could not gain bullish momentum. A new 2020 high is forming around $ 10,492 and the price is currently lower.
Initial support is near the $ 10,400 level. However, the first key support is seen near the $ 10,350 level. More importantly, there is a short-term rising channel with around $ 10,350 support on an hourly basis. graphic BTC / USD pair.
Under channel support, the bottom wave's $ 10,492 from $ 9,711 & # 39; The 23.6% Fib retracement level up to $ 10,300 to provide support.
On the upside, bitcoin price seems to be facing a strong resistance around $ 10,500. The bulls seem to have been exhausted and there is a short-term chance of correction below $ 10,350.
The main support in the disadvantage is close to the $ 10,200 level where the bulls can survive. Other disadvantages may divert the price towards the $ 10,100 support area. With a 100-hour SMA and 50% Fib retracement level of the last wave from $ 9,711 to $ 10,492 up to.
Once the current correction wave is complete, the price is likely to continue its uptrend above $ 10,450 and $ 10,500. In that case, bitcoin can target a sharp move towards the $ 11,000 barrier.
An intermediate resistance could be $ 10,800. The overall price action is $ 10,200 or $ 10,100 before running towards $ 11,000. a indicates a small chance of decline.
Hourly MACD – The MACD is slowly moving towards the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is still above the 50 level with positive signs.
Major Support Levels – $ 10,200 and then $ 10,100.
Major Resistance Levels – $ 10,450, $ 10,500 and $ 11,000.