{"id":4583,"date":"2020-09-20T04:50:44","date_gmt":"2020-09-20T04:50:44","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439032"},"modified":"2020-09-20T04:50:44","modified_gmt":"2020-09-20T04:50:44","slug":"bitcoin-price-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-price-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back\/","title":{"rendered":"Bitcoin Price is Primed For a Rally And Only 1 Thing is Holding it Back"},"content":{"rendered":"<p><em>Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is currently correcting lower towards key supports.<\/em><\/p>\n<ul>\n<li>Bitcoin gained pace and traded to a new weekly high at $11,176.<\/li>\n<li>The price is currently correcting below $11,000, but it is well above the 100 simple moving average (4-hours).<\/li>\n<li>There are two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue higher above $11,000 as long as there is no close below $10,800.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Green<\/h2>\n<p>This past week, bitcoin started a <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/18\/bitcoin-looks-ready-for-leg-over-11k\/\" target=\"_blank\" rel=\"noopener noreferrer\">steady rise<\/a> above the $10,650 and $10,800 resistance levels against the US Dollar. BTC even broke the $11,000 level and settled well above 100 simple moving average (4-hours).<\/p>\n<p>A new weekly high is formed near $11,176 and the price is currently correcting lower. There was a break below the $11,050 and $11,000 levels. Bitcoin even traded below the 50% Fib retracement level of the recent increase from the $10,818 low to $11,176 high.<\/p>\n<p>On the downside, there are <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/17\/bitcoin-price-holds-strong-above-10800\/\" target=\"_blank\" rel=\"noopener noreferrer\">couple of important supports<\/a> near the $10,800 level. There are also two major bullish trend lines forming with support near $10,900 and $10,800 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439033\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png\" alt=\"Bitcoin Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-16-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Bitcoin price breaks $11,000. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>The first trend line is close to the 76.4% Fib retracement level of the recent increase from the $10,818 low to $11,176 high. The second trend line is near the previous breakout zone at $10,800 (a strong support).<\/p>\n<p>On the upside, the bulls are struggling to gain pace above $11,000 and $11,100. A successful close above the $11,200 level might clear the path for a push towards the $11,500 resistance or even $11,800.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin struggles to climb above the $11,000 resistance, it might continue to move down. The main support on the downside is near the second trend line and $10,800.<\/p>\n<p>A clear break and close below the $10,800 support level may perhaps lead the price towards the next major support near the $10,550 level. Any further losses might call for a test of the $10,200 level.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is slowly moving into the bearish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $10,800<\/p>\n<p>Major Resistance Level \u2013 $11,200<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing positive signs above the $10,800 support against the US Dollar. BTC broke the $11,000 level and it is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,44,114,115,116],"class_list":["post-4583","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\/4583"}],"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=4583"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4583\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4584"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}