Bitcoin launched a downside correction from the $ 10,500 area against the US Dollar. BTC fell below $ 10,200 but still holds the 100-hour SMA key.
- Bitcoin price could not exceed $ 10,500 and was corrected lower against the US Dollar.
- There was a sharp drop below the $ 10,200 level before the bulls maintained the 100-hour SMA.
- A key contract triangle is formed on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance at $ 10,290.
- The pair may once again rise above $ 10,300 or extend its decline below the $ 10,100 support.
Bitcoin Holding Key Support
Recently, bitcoin has made another attempt to climb above the $ 10,500 resistance area against the US Dollar. However, BTC price could not continue at a higher level and formed a short-term cap around $ 10,519.
Later, there was a downside correction below the $ 10,400 level. Moreover, the increased channel with support near $ 10,360 per hour was violated graphic BTC / USD pair.
He opened the doors for further losses and the price went below the $ 10,200 support. It traded close to the $ 10,000 level, but the 100 hourly simple moving average acted as a strong buying zone.
An oscillation low is around $ 10,057 and the price is currently consolidated in a range. Bitcoin has collected above the 23.6% Fib retracement level of the recent decline, and from $ 10,519 to the lowest $ 10.057. fell to.
More importantly, there is a significant contraction triangle formed with resistance close to $ 10,290 on the same chart. On the downside, the triangular support is near the $ 10,180 level.
The main support in the disadvantage is near the $ 10,100 level, where the price may continue to drop. In the case in question, the price is likely to revisit the $ 9,890 support area in the near term.
On the upside, the triangular resistance is close to the 50% Fib retracement level of the last drop, from $ 10,519 to $ 10,057. until.
Therefore, a break above the $ 10,300 level may accelerate bitcoin increases in future sessions. However, bulls need to push the price above the $ 10,325 level to review the $ 10,500 resistance.
Finally, a convincing break above the $ 10,500 level will gain momentum for a study towards the $ 11,000 level.
Hourly MACD – The MACD is slowly moving towards the bull area.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently struggling to stay above the 50 level.
Major Support Levels – $ 10,200 and then $ 10,100.
Major Resistance Levels – $ 10,300, $ 10,400 and $ 10,500.