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{"id":439626,"date":"2020-09-25T04:08:43","date_gmt":"2020-09-25T04:08:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=439626"},"modified":"2024-06-11T14:16:50","modified_gmt":"2024-06-11T14:16:50","slug":"bitcoin-recovery-runs-into-crucial-resistance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-recovery-runs-into-crucial-resistance\/","title":{"rendered":"Bitcoin Recovery Runs Into Crucial Resistance, But 100 SMA Holds The Key"},"content":{"rendered":"

Bitcoin price started a decent recovery from the $10,139 swing low against the US Dollar. BTC gained pace above the $10,550 resistance, but it is facing a major hurdle near $10,800.<\/em><\/p>\n

\n
Bitcoin managed to stay above the $10,000 support and started a decent recovery.<\/li>\n
The price is now trading above the $10,550 resistance and the 100 hourly simple moving average.<\/li>\n
There was a break above a major bearish trend line with resistance near $10,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently facing a strong resistance near the $10,800 level (the previous support).<\/li>\n<\/ul>\n
Bitcoin Price is Gaining Traction<\/h2>\n
After trading as low as $10,139, bitcoin price started a decent recovery against the US Dollar. BTC broke a few important hurdles near $10,400 and $10,550<\/a> to move into a short-term positive zone.<\/p>\n
The recovery was such that the price settled above the $10,550 level and the 100 hourly simple moving average. There was also a break above a major bearish trend line with resistance near $10,600 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin is now testing the next key resistance near the $10,800 level. A high is formed near $10,789 and the price is consolidating gains. An initial support on the downside is near the $10,640 level or the 23.6% Fib retracement level of the recent increase from the $10,139 low to $10,789 high.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price breaks $10,550. Source: TradingView.com<\/a><\/pre>\n
The next major support is near the $10,550 level and the 100 hourly simple moving average<\/a>. The 50% Fib retracement level of the recent increase from the $10,139 low to $10,789 high is also near $10,464 to act as a support.<\/p>\n
On the upside, the bulls are facing a huge task near the $10,800 level. If they manage to clear the $10,800 resistance, the price is likely to accelerate higher towards the $11,000 and $11,200 levels.<\/p>\n
Is This Just a Recovery in BTC?<\/h2>\n
If bitcoin fails to continue higher above $10,780 and $10,800, it could start a fresh decline. The first major support is seen near the $10,550 level and the 100 hourly SMA.<\/p>\n
A downside break below the 100 hourly SMA might put the bulls on the back foot. In the stated case, the price could trim gains and dive back towards the $10,200 support.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing steam in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower and it is above the 60 level.<\/p>\n
Major Support Levels \u2013 $10,640, followed by $10,550.<\/p>\n
Major Resistance Levels \u2013 $10,780, $10,800 and $11,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a decent recovery from the $10,139 swing low against the US Dollar. BTC gained pace above the $10,550 resistance, but it is facing a major hurdle near $10,800. Bitcoin managed to stay above the $10,000 support and started a decent recovery. The price is now trading above the $10,550 resistance and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $10,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently facing a strong resistance near the $10,800 level (the previous support). Bitcoin Price is Gaining Traction After trading as low as $10,139, bitcoin price started a decent recovery against the US Dollar. BTC broke a few important hurdles near $10,400 and $10,550 to move into a short-term positive zone. The recovery was such that the price settled above the $10,550 level and the 100 hourly simple moving average. There was also a break above a major bearish trend line with resistance near $10,600 on the hourly chart of the BTC\/USD pair. Bitcoin is now testing the next key resistance near the $10,800 level. A high is formed near $10,789 and the price is consolidating gains. An initial support on the downside is near the $10,640 level or the 23.6% Fib retracement level of the recent increase from the $10,139 low to $10,789 high. Bitcoin price breaks $10,550. Source: TradingView.com The next major support is near the $10,550 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent increase from the $10,139 low to $10,789 high is also near $10,464 to act as a support. On the upside, the bulls are facing a huge task near the $10,800 level. If they manage to clear the $10,800 resistance, the price is likely to accelerate higher towards the $11,000 and $11,200 levels. Is This Just a Recovery in BTC? If bitcoin fails to continue higher above $10,780 and $10,800, it could start a fresh decline. The first major support is seen near the $10,550 level and the 100 hourly SMA. A downside break below the 100 hourly SMA might put the bulls on the back foot. In the stated case, the price could trim gains and dive back towards the $10,200 support. Technical indicators: Hourly MACD \u2013 The MACD is now losing steam in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is correcting lower and it is above the 60 level. Major Support Levels \u2013 $10,640, followed by $10,550. Major Resistance Levels \u2013 $10,780, $10,800 and $11,000.<\/p>\n","protected":false},"author":67,"featured_media":439628,"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-439626","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 Recovery Runs Into Crucial Resistance, But 100 SMA Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a decent recovery from the $10,139 swing low. 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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 Recovery Runs Into Crucial Resistance, But 100 SMA Holds The Key","url":"http:\/\/uniquehot.com\/news\/bitcoin-recovery-runs-into-crucial-resistance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-recovery-runs-into-crucial-resistance\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/Depositphotos_54106105_l-2015-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/Depositphotos_54106105_l-2015-1.jpg?fit=2000%2C1091"},"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":"2020-09-25T04:08:43Z","datePublished":"2020-09-25T04:08:43Z","dateModified":"2024-06-11T14:16:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovery Runs Into Crucial Resistance, But 100 SMA Holds The Key\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovery-runs-into-crucial-resistance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovery-runs-into-crucial-resistance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/Depositphotos_54106105_l-2015-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/Depositphotos_54106105_l-2015-1.jpg?fit=2000%2C1091\"},\"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\":\"2020-09-25T04:08:43Z\",\"datePublished\":\"2020-09-25T04:08:43Z\",\"dateModified\":\"2024-06-11T14:16:50Z\"}<\/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\/09\/Depositphotos_54106105_l-2015-1.jpg?fit=2000%2C1091","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/439626"}],"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=439626"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/439626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/439628"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=439626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=439626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=439626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}