- The price of bitcoin has recently recovered and climbed above the $ 10,200 resistance against the US dollar.
- Currently, the price is trading well above $ 10,300 but is facing obstacles near $ 10,500 and $ 10,600.
- There is a bullish trend line support near $ 10,250 in the BTC / USD pair chart ( data from Kraken).
- The price is likely to go higher if it breaks the $ 10,600 resistance zone in the near future.
The price of bitcoin is adjusted higher by a positive deviation of over $ 10,200 against the US dollar. BTC could continue to rise if it breaks resistance at $ 10,500 and $ 10,600.
Bitcoin Price Analysis
Over the past week, we have seen a sharp decline in BTC supported by $ 1
However, the price faces several important obstacles near the resistance levels of $ 10,500 and $ 10,600. There were already several attempts to overcome the resistance of $ 10,500 and $ 10,600, but the bulls failed. The last peak is forming near $ 10 533 and the price is currently decreasing. It traded below the $ 10,400 level plus 23.6% last-leg fiber correction levels from $ 9,998 to a high of $ 10,513.
In the opposite direction, there is decent support that is formed close by up to $ 10,250 and $ 10,200. In addition, there is a bullish trend line emerging with support of nearly $ 10,250 on the BTC / USD pair chart. Bitcoin prices can also find strong deals near the $ 10,225 level and the 100-hour SMA. If the Bulls fail to protect the $ 10,200 support, the price could go down to $ 10,000.
At the top, the price is obviously facing strong resistance near the $ 10,000 and $ 10,000 levels. Therefore, a convincing breakthrough is needed above the $ 10,600 level for bulls to gain traction. In the mentioned case the price can be accelerated higher to the resistance levels of $ 10 800 and $ 11 000.
Looking at the chart, the price of bitcoin is it is nearing a decisive breakthrough, and it may climb above $ 10,600 or start a new decline below $ 10,200. The main supports under $ 10,200 are close to $ 10,000 and $ 9,800.
Hourly RSI (Relative Strength Index) – RSI for BTC / USD is currently over 50.
Basic support levels – $ 10 200, followed by $ 10 200.
Basic resistance levels – $ 10,500, $ 10,600 and $ 10,650.