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{"id":427502,"date":"2020-06-16T03:28:53","date_gmt":"2020-06-16T03:28:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=427502"},"modified":"2024-06-11T14:04:00","modified_gmt":"2024-06-11T14:04:00","slug":"bitcoin-recovers-sharply-above-100-sma","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-recovers-sharply-above-100-sma\/","title":{"rendered":"Bitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key"},"content":{"rendered":"

Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. BTC is now trading above the 100 hourly SMA, but it is facing a major resistance at $9,500.<\/em><\/p>\n

\n
Bitcoin is up more than 4% and recovered most losses to trade above $9,400.<\/li>\n
The price is now facing a major hurdle near the $9,500 resistance zone.<\/li>\n
There was a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could either rally further above the $9,500 resistance or it might resume its decline below $9,300.<\/li>\n<\/ul>\n
Bitcoin Price Showing Positive Signs<\/h2>\n
Yesterday, we discussed the chances of more losses in bitcoin price<\/a> below the $9,100 and $9,000 levels against the US Dollar. BTC did extend its decline below the $9,000 handle and traded to a new monthly low at $8,910.<\/p>\n
However, the price started a strong upward move and broke many hurdles near $9,100 and $9,200. The bulls gained pace and even pushed the price above the $9,300 level and the 100 hourly simple moving average<\/a>.<\/p>\n
There was also a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC\/USD pair. It opened the doors for more gains above the $9,400 level and the price tested the $9,500 resistance zone.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price Reclaims $9,400. Source: TradingView.com<\/a><\/figcaption><\/figure>\n
A high is formed near $9,494 and the price is currently consolidating gains. There is a short-term bullish flag formed with resistance near the $9,440 level. If there is a clear break above $9,440 and $9,450, there are chances of a fresh increase.<\/p>\n
On the upside, bitcoin price must clear the $9,500 resistance zone to move further into a positive zone. The next major resistance is seen near the $9,640 level, above which the price could revisit $9,800.<\/p>\n
Bearish Reaction From $9,500 in BTC?<\/h2>\n
If bitcoin fails to continue higher above the $9,500 resistance, it could react to the downside. An initial support is seen near the $9,400 level and the 100 hourly SMA.<\/p>\n
A bearish break below the 100 hourly SMA could start a fresh downward move. In the mentioned case, there is a risk of more losses towards the $9,200 and $9,100 levels.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $9,400 followed by $9,100.<\/p>\n
Major Resistance Levels \u2013 $9,500, $9,640 and $9,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. BTC is now trading above the 100 hourly SMA, but it is facing a major resistance at $9,500. Bitcoin is up more than 4% and recovered most losses to trade above $9,400. The price is now facing a major hurdle near the $9,500 resistance zone. There was a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either rally further above the $9,500 resistance or it might resume its decline below $9,300. Bitcoin Price Showing Positive Signs Yesterday, we discussed the chances of more losses in bitcoin price below the $9,100 and $9,000 levels against the US Dollar. BTC did extend its decline below the $9,000 handle and traded to a new monthly low at $8,910. However, the price started a strong upward move and broke many hurdles near $9,100 and $9,200. The bulls gained pace and even pushed the price above the $9,300 level and the 100 hourly simple moving average. There was also a break above a major bearish trend line with resistance near $9,330 on the hourly chart of the BTC\/USD pair. It opened the doors for more gains above the $9,400 level and the price tested the $9,500 resistance zone. A high is formed near $9,494 and the price is currently consolidating gains. There is a short-term bullish flag formed with resistance near the $9,440 level. If there is a clear break above $9,440 and $9,450, there are chances of a fresh increase. On the upside, bitcoin price must clear the $9,500 resistance zone to move further into a positive zone. The next major resistance is seen near the $9,640 level, above which the price could revisit $9,800. Bearish Reaction From $9,500 in BTC? If bitcoin fails to continue higher above the $9,500 resistance, it could react to the downside. An initial support is seen near the $9,400 level and the 100 hourly SMA. A bearish break below the 100 hourly SMA could start a fresh downward move. In the mentioned case, there is a risk of more losses towards the $9,200 and $9,100 levels. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $9,400 followed by $9,100. Major Resistance Levels \u2013 $9,500, $9,640 and $9,800.<\/p>\n","protected":false},"author":67,"featured_media":427504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-427502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin recovered sharply after trading to a new monthly low at $8,910 against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key","url":"http:\/\/uniquehot.com\/news\/bitcoin-recovers-sharply-above-100-sma\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-recovers-sharply-above-100-sma\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_1188498493.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_1188498493.jpg?fit=1000%2C505"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-06-16T03:28:53Z","datePublished":"2020-06-16T03:28:53Z","dateModified":"2024-06-11T14:04:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovers Sharply Above 100 SMA But $9,500 Holds The Key\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovers-sharply-above-100-sma\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovers-sharply-above-100-sma\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_1188498493.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_1188498493.jpg?fit=1000%2C505\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-06-16T03:28:53Z\",\"datePublished\":\"2020-06-16T03:28:53Z\",\"dateModified\":\"2024-06-11T14:04:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_1188498493.jpg?fit=1000%2C505","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/427502"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=427502"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/427502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/427504"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=427502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=427502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=427502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}