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{"id":430471,"date":"2020-07-13T03:58:53","date_gmt":"2020-07-13T03:58:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=430471"},"modified":"2024-06-11T14:05:06","modified_gmt":"2024-06-11T14:05:06","slug":"bitcoin-confluence-resistance-significant-surge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-confluence-resistance-significant-surge\/","title":{"rendered":"Bitcoin Breaking This Confluence Resistance Could Spark a Significant Surge"},"content":{"rendered":"

Bitcoin is holding the $9,120 and $9,200 support levels against the US Dollar. However, BTC is facing a confluence of resistance near $9,400, above which it could start a strong rally.<\/em><\/p>\n

\n
Bitcoin is slowly rising and trading above the $9,200 support zone.<\/li>\n
The price is trading well below the $9,400 resistance, but above the 100 hourly simple moving average.<\/li>\n
There are two bearish trend lines forming with resistance near $9,320 and $9,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must settle above both trend lines and $9,400 to start a strong upward move.<\/li>\n<\/ul>\n
Bitcoin Price is Facing Hurdles<\/h2>\n
In the past few sessions, bitcoin consolidated above the $9,120 and $9,160 support levels against the US Dollar. The recent swing low was formed near $9,161 before BTC climbed higher.<\/p>\n
It broke the $9,200 level and the 100 hourly simple moving average<\/a>. The bulls pushed the price above the $9,300 level, but there was a lack in the bullish momentum. A high is formed near $9,331 and the price is currently correcting lower.<\/p>\n
Bitcoin broke the 23.6% Fib retracement level of the recent wave from the $9,161 low to $9,331 high. It seems like there are two bearish trend lines forming with resistance near $9,320 and $9,380 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price testing $9,300: Source: TradingView.com<\/a><\/pre>\n
There are many important hurdles forming for the bulls, starting with $9,320 and up to $9,400. Therefore, it won\u2019t be easy for them to gain strength. If they succeed in clearing both trend lines and $9,400, there are chances of a sustained upward move.<\/p>\n
In the mentioned case, there are high chances of an upside break above the $9,500 resistance level. The next key hurdles are near the $9,600 and $9,800 levels.<\/p>\n
Fresh Drop in BTC<\/h2>\n
The first major support is near the $9,250 level, the 100 hourly SMA, and the 50% Fib retracement level of the recent wave from the $9,161 low to $9,331 high.<\/p>\n
If bitcoin fails to stay above the $9,250 support, it could continue to move down towards the $9,200 support. The main uptrend support is still near the $9,120 level, below which the bears are likely to take control in the coming sessions (as discussed in the weekly analysis<\/a>).<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level.<\/p>\n
Major Support Levels \u2013 $9,200, followed by $9,120.<\/p>\n
Major Resistance Levels \u2013 $9,320, $9,380 and $9,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is holding the $9,120 and $9,200 support levels against the US Dollar. However, BTC is facing a confluence of resistance near $9,400, above which it could start a strong rally. Bitcoin is slowly rising and trading above the $9,200 support zone. The price is trading well below the $9,400 resistance, but above the 100 hourly simple moving average. There are two bearish trend lines forming with resistance near $9,320 and $9,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must settle above both trend lines and $9,400 to start a strong upward move. Bitcoin Price is Facing Hurdles In the past few sessions, bitcoin consolidated above the $9,120 and $9,160 support levels against the US Dollar. The recent swing low was formed near $9,161 before BTC climbed higher. It broke the $9,200 level and the 100 hourly simple moving average. The bulls pushed the price above the $9,300 level, but there was a lack in the bullish momentum. A high is formed near $9,331 and the price is currently correcting lower. Bitcoin broke the 23.6% Fib retracement level of the recent wave from the $9,161 low to $9,331 high. It seems like there are two bearish trend lines forming with resistance near $9,320 and $9,380 on the hourly chart of the BTC\/USD pair. Bitcoin price testing $9,300: Source: TradingView.com There are many important hurdles forming for the bulls, starting with $9,320 and up to $9,400. Therefore, it won\u2019t be easy for them to gain strength. If they succeed in clearing both trend lines and $9,400, there are chances of a sustained upward move. In the mentioned case, there are high chances of an upside break above the $9,500 resistance level. The next key hurdles are near the $9,600 and $9,800 levels. Fresh Drop in BTC The first major support is near the $9,250 level, the 100 hourly SMA, and the 50% Fib retracement level of the recent wave from the $9,161 low to $9,331 high. If bitcoin fails to stay above the $9,250 support, it could continue to move down towards the $9,200 support. The main uptrend support is still near the $9,120 level, below which the bears are likely to take control in the coming sessions (as discussed in the weekly analysis). Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level. Major Support Levels \u2013 $9,200, followed by $9,120. Major Resistance Levels \u2013 $9,320, $9,380 and $9,400.<\/p>\n","protected":false},"author":67,"featured_media":430473,"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-430471","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 Breaking This Confluence Resistance Could Spark a Significant Surge<\/title>\n<meta name=\"description\" content=\"Bitcoin is holding the $9,120 and $9,200 support levels 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 Breaking This Confluence Resistance Could Spark a Significant Surge","url":"http:\/\/uniquehot.com\/news\/bitcoin-confluence-resistance-significant-surge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-confluence-resistance-significant-surge\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/07\/shutterstock_439653052.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/07\/shutterstock_439653052.jpg?fit=1000%2C658"},"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":"2020-07-13T03:58:53Z","datePublished":"2020-07-13T03:58:53Z","dateModified":"2024-06-11T14:05:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breaking This Confluence Resistance Could Spark a Significant Surge\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-confluence-resistance-significant-surge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-confluence-resistance-significant-surge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_439653052.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/07\\\/shutterstock_439653052.jpg?fit=1000%2C658\"},\"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\":\"2020-07-13T03:58:53Z\",\"datePublished\":\"2020-07-13T03:58:53Z\",\"dateModified\":\"2024-06-11T14:05:06Z\"}<\/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\/07\/shutterstock_439653052.jpg?fit=1000%2C658","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/430471","targetHints":{"allow":["GET"]}}],"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=430471"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/430471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/430473"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=430471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=430471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=430471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Fresh Drop in BTC<\/h2>\nThe first major support is near the $9,250 level, the 100 hourly SMA, and the 50% Fib retracement level of the recent wave from the $9,161 low to $9,331 high.<\/p>\n