Bitcoin Defies Gravity, But $10,900 Still Presents Strong Resistance

Bitcoin price is slowly recovering from the $10,387 low against the US Dollar. BTC broke the $10,650 resistance and it might soon test the $10,800 resistance or the $10,900 barrier. Bitcoin started a fresh upward move above the $10,550 and $10,650 resistance levels. The price is up 2%, and it is trading above the $10,700 […]

Bitcoin Defies Gravity, But $10,900 Still Presents Strong Resistance

Bitcoin cost is gradually recuperating from the $10,387 low against the US Dollar. BTC broke the $10,650 obstruction and it may before long test the $10,800 opposition or the $10,900 boundary. Bitcoin began a new upward move over the $10,550 and $10,650 obstruction levels. The cost is up 2%, and it is exchanging over the $10,700 level and the 100 hourly straightforward moving normal. There is a key rising channel framing with help close $10,650 on the hourly graph of the BTC/USD pair (information feed from Kraken). The pair is right now giving positive indications, yet it is probably going to confront solid obstruction close $10,900. Bitcoin Price is Facing Hurdles After a consistent decay, bitcoin value discovered help simply above $10,350 against the US Dollar. BTC cost exchanged as low as $10,387 and as of late began a new upward move. The bears appear to have lost control, as the cost had the option to move over the $10,550 opposition level. There was additionally a break over the half Fib retracement level of the key decrease from the $10,930 high to $10,387 low. Bitcoin is presently exchanging over the $10,650 obstruction and the 100 hourly straightforward moving normal. It appears as though there is a key rising channel framing with help close $10,650 on the hourly graph of the BTC/USD pair. Bitcoin value jumps beneath $10,800. Source: TradingView.com On the upside, the main significant obstruction is close the $10,800 level. It is near the 76.4% Fib retracement level of the key decrease from the $10,930 high to $10,387 low. The following significant opposition is close the $10,850 level, above which the cost may endeavor another upside break over the $10,900 and $11,000 obstruction levels. An effective close above $10,900 and afterward a subsequent move above $11,000 could begin a solid increment in bitcoin in the coming meetings. New Drop in BTC? On the off chance that bitcoin neglects to proceed with higher over the $10,800 obstruction or the $10,900 hindrance, there is a danger of a new drop. An underlying help is close to the channel lower pattern line at $10,650. The following significant help is close the $10,600 level or the 100 hourly basic moving normal, underneath which there are high odds of a new plunge towards the $10,350 uphold zone. Specialized pointers: Hourly MACD – The MACD is giving a couple of indications of recuperation in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is right now well over the 60 level. Significant Support Levels – $10,650, trailed by $10,600. Significant Resistance Levels – $10,800, $10,850 and $10,900.