Bitcoin is currently consolidating over the $ 10,700 support against the US Dollar. It is likely that BTC will start a new surge as long as it is above the 100 hour SMA.
- Bitcoin is trading in a contract range above the key $ 10,700 support zone.
- The price seems to be facing several major hurdles near the $ 11,200 and $ 11,250 levels.
- On the hourly chart of the BTC / USD pair (data flow from Kraken) there is a large contract triangle formed with resistance around $ 11,240.
- The pair should remain above the 100-hour SMA and $ 10,700 to start a new surge.
Bitcoin Price Combines Earnings
After a strong recovery, bitcoin price began to consolidate gains below the $ 11,250 resistance level against the US Dollar. BTC has recovered several times but has bid above $ 10,700 support.
The bulls seem to maintain the uptrend above $ 10,700 and the 100 hourly simple moving average. The recent low price was around $ 10,828 as the price went up. The $ 11,000 resistance and the 50% Fib retracement level of the recent decline from $ 11,348 to the lowest $ 10,828 dropped to a.
However, the price seems to be struggling to climb above the $ 11,200 and $ 11,250 resistance levels. Also, there is a large contraction triangle formed with resistance around $ 11,240 on the hourly chart of the BTC / USD pair.
Bitcoin price holding $10,700. Source: TradingView.com
The triangular resistance is close to the 76.4% Fib retracement level of the recent decline and from $ 11,348 to $ 10,828. falls to. A successful close above the $ 10,250 resistance may result in a strong rise.
The next major resistance is near the $ 11,350 and $ 11,400 levels.
Holding the 100 SMA BTC Key
On the downside, the triangular support is near the $ 10,850 level and close to the 100-hour SMA. If there is a downside break below the $ 10,850 support, there is a greater risk of loss.
The main support is near the $ 10,700 level, which bears are likely to take under control in the short term. In this case, the price could possibly initiate an extended downside correction towards the $ 10,500 level.
Hourly MACD – The MACD is slowly moving towards the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 50 level with a bearish angle.
Major Support Levels – $ 10,850 followed by $ 10,700.
Major Resistance Levels – $ 11,250, $ 11,400 and $ 11,500.