{"id":4768,"date":"2020-09-27T04:35:41","date_gmt":"2020-09-27T04:35:41","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439784"},"modified":"2020-09-27T04:35:41","modified_gmt":"2020-09-27T04:35:41","slug":"this-technical-breakout-suggests-bitcoin-is-gearing-for-another-lift-off","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/this-technical-breakout-suggests-bitcoin-is-gearing-for-another-lift-off\/","title":{"rendered":"This Technical Breakout Suggests Bitcoin Is Gearing For Another Lift-Off"},"content":{"rendered":"<p><em>Bitcoin started a fresh increase from the $10,140 swing low against the US Dollar. BTC broke the $10,550 resistance and it seems like the bulls are aiming a clear break above $11,000.<\/em><\/p>\n<ul>\n<li>Bitcoin stayed above the $10,000 support and started a decent recovery wave.<\/li>\n<li>The price is currently trading well above the $10,550 resistance and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break above a key bearish trend line with resistance near $10,600 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue higher if there is a clear break above the $10,800 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Green<\/h2>\n<p>This past week, bitcoin found support above the $10,100 level against the US Dollar. BTC remained well bid above the $10,200 level and recently started a steady recovery wave.<\/p>\n<p>There was a break above the $10,350 and $10,400 levels. The main technical breakout was near the <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/25\/bitcoin-recovery-runs-into-crucial-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer\">$10,550 resistance zone<\/a> and the 100 simple moving average (4-hours). Moreover, there was a break above a key bearish trend line with resistance near $10,600 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p>Bitcoin climbed above the 50% Fib retracement level of the downward move from the $11,192 high to $10,140 swing low. It has opened the doors for more gains above the $10,700 level.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439785\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22.png\" alt=\"Bitcoin\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Bitcoin-22-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Bitcoin price breaks $10,700. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>The price is now struggling to clear a key resistance zone near $10,800. It is close to the 61.8% Fib retracement level of the downward move from the $11,192 high to $10,140 swing low. A successful break and close above the <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/24\/bitcoin-could-nosedive-below-10000\/\" target=\"_blank\" rel=\"noopener noreferrer\">$10,800 resistance<\/a> could open the doors for more gains above the $11,000 resistance.<\/p>\n<p>The next major resistance is near the $11,200 level, above which the bulls are likely to aim a larger increase towards the $11,500 level in the near term.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin struggles to climb above the $10,800 resistance or the $11,000 barrier, it might correct lower. An initial support is near the $10,650 level.<\/p>\n<p>The main support on the downside is near the $10,550 level and the 100 simple moving average (4-hours). A close below the $10,550 and $10,500 support levels may perhaps clear the path for a sustained decline.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is showing positive signs in 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 $10,550<\/p>\n<p>Major Resistance Level \u2013 $10,800<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a fresh increase from the $10,140 swing low against the US Dollar. BTC broke the $10,550 resistance and it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,44,114,115,116],"class_list":["post-4768","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\/4768"}],"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=4768"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4769"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}