Bitcoin price broke the USD 10,500 resistance, but it struggled to move above it against the US dollar. BTC currently has the USD 10,200 support, below which the bears could get stronger.
In the past two days, bitcoin price rebounded above the USD 10,400 level against the US dollar. BTC even broke the USD 10,500 resistance and rallied above the 100 easy hourly moving average.
However, the bulls failed to gain above USD 10,500. A high formed near USD 10,573 and the price slashed most of its gains. It broke the $ 10,400 level and the 100 hourly SMA. There was also a break below a major bullish trendline with support near USD 10,350 on the hourly chart of the BTC / USD pair.
Bitcoin price is trading near the USD 10,200 support and forming a low near USD 10,215. The price is currently correcting higher and trading above USD 10,300. There was a break above the 23.6% Fib retracement level from the recent decline from the high of USD 10,573 to the low of USD 10,215.
Bitcoin price trades below $10,400. Source: TradingView.com
It is now trading near the 100 easy hourly moving average and well above the USD 10,200 support. On the upside, the initial resistance is near the USD 10,400 level. It is close to the 50% Fib retracement level of the recent drop from the high of USD 10,573 to the low of USD 10,215.
The next big resistance is near the USD 10,500 level. A successful close above the USD 10,500 resistance level is a must for upside continuation. The next big resistance is near USD 10,800, followed by the main USD 11,000 barrier.
If bitcoin does not clear the USD 10,400 or USD 10,500 resistance, there is a risk of a downside breach. An initial support is near the USD 10,250 level. The next big support is near the USD 10,200 level (the previous breakout zone).
A close below the USD 10,200 support could move the price towards the USD 10,000 support. Any further losses could put a lot of pressure on the bulls and the price could plunge towards USD 9,500.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently close to the 50 level.
Key Support Levels – USD 10,250, followed by USD 10,200.
Key Resistance Levels – USD 10,400, USD 10,500 and USD 10,600.