{"id":393409,"date":"2019-08-17T05:00:15","date_gmt":"2019-08-17T05:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=393409"},"modified":"2024-06-11T12:50:22","modified_gmt":"2024-06-11T12:50:22","slug":"bitcoin-btc-price-hesitates-but-further-recovery-likely","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-hesitates-but-further-recovery-likely\/","title":{"rendered":"Bitcoin (BTC) Price Hesitates But Further Recovery Seem Likely"},"content":{"rendered":"<ul>\n<li>Bitcoin price tested the $9,800 support and bounced back against the US Dollar.<\/li>\n<li>The price is currently struggling to gain momentum above $10,400 and $10,500.<\/li>\n<li>There is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to slowly rise as long as it is trading above the $9,800 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. BTC price might gain bullish momentum once it settles above the $9,500 resistance.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In yesterday\u2019s analysis, we discussed the chances of <a href=\"https:\/\/uniquehot.com\/2019\/08\/16\/bitcoin-btc-price-recovery-could-fade-fresh-decrease-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">another pullback<\/a> in bitcoin price below the $10,000 level against the US Dollar. The BTC\/USD pair did move below the $10,000 support and remained well below the 100 hourly simple moving average. Moreover, there was a break below the $9,960 support area, but the $9,800 level acted as a strong support. A swing low was formed near $9,721 and the price started a fresh increase.<\/p>\n<p>There was a recovery above the $10,000 and $10,200 resistance levels. Moreover, the price broke the $10,400 resistance level. However, the price struggled to gain bullish momentum above the $10,500 level. More importantly, the price struggled to surpass the <a href=\"https:\/\/uniquehot.com\/2019\/08\/15\/bitcoin-btc-price-final-target-but-decline-far-from-over\/\" target=\"_blank\" rel=\"noopener noreferrer \">100 hourly simple moving average<\/a>, which is currently at $10,450. Besides, there is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>An immediate support on the downside is near the $10,130 level. It represents the 50% Fib retracement level of the recent wave from the $9,721 low to $10,542 high. However, the main supports are near the $10,000 and $9,950 levels. Additionally, the 61.8% Fib retracement level of the recent wave from the $9,721 low to $10,542 high will most likely act as a support near $10,035.<\/p>\n<p>On the upside, the price must gain momentum above the $10,400 and $10,500 resistance levels. Moreover, a successful close above the 100 hourly SMA could start a strong rise towards the $10,600 and $10,800 levels. Conversely, if the price starts a fresh decline and breaks the $10,000 support, the next key support is near the $9,800 level.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393410\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-15.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly showing a few positive signs above the $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 to push the price further higher in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,030 followed by $9,800.<\/p>\n<p>Major Resistance Levels \u2013 $10,400, $10,500 and $10,650.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price tested the $9,800 support and bounced back against the US Dollar. The price is currently struggling to gain momentum above $10,400 and $10,500. There is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to slowly rise as long as it is trading above the $9,800 support area. Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. BTC price might gain bullish momentum once it settles above the $9,500 resistance. Bitcoin Price Analysis In yesterday\u2019s analysis, we discussed the chances of another pullback in bitcoin price below the $10,000 level against the US Dollar. The BTC\/USD pair did move below the $10,000 support and remained well below the 100 hourly simple moving average. Moreover, there was a break below the $9,960 support area, but the $9,800 level acted as a strong support. A swing low was formed near $9,721 and the price started a fresh increase. There was a recovery above the $10,000 and $10,200 resistance levels. Moreover, the price broke the $10,400 resistance level. However, the price struggled to gain bullish momentum above the $10,500 level. More importantly, the price struggled to surpass the 100 hourly simple moving average, which is currently at $10,450. Besides, there is a key contracting triangle forming with resistance near $10,550 on the hourly chart of the BTC\/USD pair. An immediate support on the downside is near the $10,130 level. It represents the 50% Fib retracement level of the recent wave from the $9,721 low to $10,542 high. However, the main supports are near the $10,000 and $9,950 levels. Additionally, the 61.8% Fib retracement level of the recent wave from the $9,721 low to $10,542 high will most likely act as a support near $10,035. On the upside, the price must gain momentum above the $10,400 and $10,500 resistance levels. Moreover, a successful close above the 100 hourly SMA could start a strong rise towards the $10,600 and $10,800 levels. Conversely, if the price starts a fresh decline and breaks the $10,000 support, the next key support is near the $9,800 level. Looking at the chart, bitcoin price is clearly showing a few positive signs above the $10,000 level. Having said that, the bulls need to gain momentum above the 100 hourly SMA and $10,450 to push the price further higher in the near term. Technical indicators: Hourly MACD \u2013 The MACD is currently moving in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently above the 50 level. Major Support Levels \u2013 $10,030 followed by $9,800. Major Resistance Levels \u2013 $10,400, $10,500 and $10,650.<\/p>\n","protected":false},"author":67,"featured_media":393411,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-393409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Hesitates But Further Recovery Seem Likely<\/title>\n<meta name=\"description\" content=\"Bitcoin price is showing positive signs above the $9,800 support against the US Dollar. 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