Bitcoin Price (BTC) Primed To Climb Further Above $10,200 @newsbtc #Analysis #Technical #bitcoin #btc

• Bitcoin price stayed above the $9,600 support level and climbed higher against the US Dollar.
• The price broke the $10,000 resistance and it is now testing the key $10,200 resistance.
• There was a ...
  • Bitcoin price stayed above the $9,600 support level and climbed higher against the US Dollar.
  • The price broke the $10,000 resistance and it is now testing the key $10,200 resistance.
  • There was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher once there is a successful close above the $10,200 resistance.

  Bitcoin price is gaining momentum above the $10,000 level against the US Dollar. BTC price could accelerate upsides once it clears the $10,200 resistance area.

  Bitcoin Price Analysis

  Yesterday, we saw fresh bearish wave in bitcoin price from the $10,200 resistance against the US Dollar. The BTC/USD pair dipped below the $9,800 support level and the 100 hourly simple moving average. Moreover, the price traded below the $9,700 level, but the $9,625 level acted as a support. It seems like the price stayed above $9,600 and a bullish trend line protected declines.

  A swing low was formed near $9,627 and the price started a fresh increase. There was a break above the $9,800 and $10,000 resistance levels. Furthermore, the price settled above the $10,000 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair.

  The pair ran into the key $10,200 resistance and it is currently consolidating gains. An immediate support is near the $10,080 level. The 23.6% Fib retracement level of the recent wave from the $9,627 low to $10,212 high is also near the same level. If there are more losses, the price could test the $10,000 support level. The next support is near the 50% Fib retracement level of the recent wave from the $9,627 low to $10,212 high at $9,920.

  On the upside, the $10,200 area is a crucial hurdle. If there is an upside break above $10,200, the price could accelerate higher in the coming sessions. The next important resistance is near the $10,400 level, above which there are chances of more gains towards the $10,800 level.

  

  Looking at the chart, bitcoin price is facing a strong resistance near $10,200. If there is another failure near $10,200, the price could form double top and decline heavily. Conversely, a successful close above the $10,200 resistance might start a strong increase towards $10,400 and $10,800.

  Technical indicators:

  Hourly MACD – The MACD is gaining momentum in the bullish zone.

  Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level, with positive signs.

  Major Support Levels – $10,080 followed by $10,000.

  Major Resistance Levels – $10,200, $10,400 and $10,800.

  The post Bitcoin Price (BTC) Primed To Climb Further Above $10,200 appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/bitcoin-price-btc-primed-to-climb-further-above-10200-5d3bd1e1566433bd6b277c8b