The bitcoin price rose sharply above $ 10,200, up 5% against the US Dollar. The price is clearly trying to gain strength above the $ 10,500 resistance area. The BTC / USD pair experienced a break above the major downtrend, with resistance close to $ 10,270 on the hourly chart. It corrects price increases and tests the broken trend line and $ 10,250 support.
Bitcoin Price Analysis
After building good support around $ 9,900, the BTC launched a reverse correction against the US dollar. The price traded above the $ 10,000 and $ 10,200 resistance levels to move into a short-term positive zone. There was also a break above $ 10,300 and above the 100-hour simple moving average. However, the price is struggling to gain momentum above the $ 10,500 resistance level (as discussed in the weekly forecasts).
During the uptrend, there was a break above the significant downtrend on the BTC / USD exchange rate on the hourly chart showing resistance close to $ 10,270. Bitcoin rose to $ 10,700 and generated a high release of around $ 10,697. Currently, the price is improving and trading below $ 10,500. He has broken the $ 10,400 level and has tested the 50% Fib retracement level from the $ 9,914 level to $ 10,697.
The price seems to be around $ 10,250 and the broken trend line acts as a support. The next major support is close to the $ 10,200 level. The recent rise is seen as representing a 61.8% Fib retreat from $ 9,914 to $ 10,697. The main support is close to the $ 10,100 level and close to the 100-hour simple moving average. If the price doesn’t improve again, there may be a new drop at $ 10,000 and $ 9,900.
On the upside, the price has to rise to $ 10,500 to gain momentum. In that case, the next stop for bulls could be $ 10,700 and $ 10,800. However, if the price rises above $ 10,500, it is expected to test the $ 11,000 level.
Hourly MACD – MACD is moving slowly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for the BTC / USD is currently above the 50 levels.
Major Support Levels – $ 10,250 and then $ 10,000.
Major Resistance Levels – $ 10,400, $ 10,500, and $ 10,680.