{"id":4350,"date":"2020-09-13T05:08:14","date_gmt":"2020-09-13T05:08:14","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=438257"},"modified":"2020-09-13T05:08:14","modified_gmt":"2020-09-13T05:08:14","slug":"bitcoin-breaks-uptrend-resistance-but-1100-could-be-game-changer","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-breaks-uptrend-resistance-but-1100-could-be-game-changer\/","title":{"rendered":"Bitcoin Breaks Uptrend Resistance, But $11,00 Could Be Game Changer"},"content":{"rendered":"<p><em>Bitcoin price formed a strong support base above $10,000 against the US Dollar. BTC is currently correcting above $10,500, but it is likely to face a strong resistance near $10,800 and $11,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is slowly recovering higher above the $10,400 and $10,500 resistance levels.<\/li>\n<li>The price is likely to struggle near $10,800 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a key rising channel forming with support near $10,400 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair must settle above the $11,000 resistance to move into a positive zone.<\/li>\n<\/ul>\n<h2>Bitcoin is Showing Positive Signs<\/h2>\n<p>This past week, bitcoin made a few attempts to clear the $10,000 and $9,880 support levels against the US Dollar. However, BTC failed to close below $9,880 and recently formed a strong support base above $10,000.<\/p>\n<p>A decent recovery wave is underway and the price already climbed above the <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/11\/bitcoin-bulls-are-safe\/\" target=\"_blank\" rel=\"noopener noreferrer\">$10,200 and $10,400 resistance levels<\/a>. There was a break above the 23.6% Fib retracement level of the downward move from the $12,066 high to $9,850 swing low.<\/p>\n<p>The price is now trading above the $10,500 level, but it is still well below the 100 simple moving average (4-hours). An initial resistance on the upside is near the $10,600 level. There is also a major hurdle forming near the $10,800 level and the 100 simple moving average (4-hours).<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-438258\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10.png\" alt=\"Bitcoin\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-10-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Bitcoin price breaks $10,500. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>It seems like there is a key rising channel forming with support near $10,400 on the 4-hours chart of the BTC\/USD pair. If the pair continues to follow the channel, there are chances of an <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/10\/bitcoin-near-key-inflection-zone\/\" target=\"_blank\" rel=\"noopener noreferrer\">upside break<\/a> above the $10,800 and $11,000 resistance levels.<\/p>\n<p>The 50% Fib retracement level of the downward move from the $12,066 high to $9,850 swing low is also near the $10,963 level. A successful break above the channel resistance, the $11,000 barrier, and the 100 simple moving average (4-hours) is needed to start a strong increase.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin struggles to climb above the $10,600 resistance or the 100 simple moving average (4-hours), there are chances of a downside correction.<\/p>\n<p>The channel support near the $10,400 level is a key support. The main support is near the $10,000 level. A daily close below the $10,000 support could negate the chances of a steady increase in the near term.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $10,400<\/p>\n<p>Major Resistance Level \u2013 $10,800<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price formed a strong support base above $10,000 against the US Dollar. BTC is currently correcting above $10,500, but it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,44,114,115,116],"class_list":["post-4350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4350"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4350"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4351"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}