Bitcoin (BTC) Price Could Accelerate If It Breaks $10,600

Bitcoin price rebounded recently and climbed above the $10,200 resistance against the US Dollar.
The price is currently trading nicely above $10,300, but facing hurdles near $10,500 and $10,600.
There is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely to climb higher if it breaks the $10,600 resistance area in the near term.

Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies
Thursday September 19, 2019

Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar. The price is now trading well below the $10,000 level and it could struggle to recover in the near...

The post Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is correcting higher with a positive bias above $10,200 against the US Dollar. BTC could continue to rise if it breaks the $10,500 and $10,600 resistances.
Bitcoin Price Analysis
This past week, we saw a sharp decline in BTC below the $10,000 support against the US Dollar. The price traded towards the $9,500 support and recently started an upside correction. It traded above the $10,000 resistance level to move into a short term positive zone. Moreover, there was a break above the $10,200 resistance and the 100 hourly simple moving average.
However, the price is facing a few important hurdles near the $10,500 and $10,600 resistance levels. Already, there were a few attempts to surpass the $10,500 and $10,600 resistances, but the bulls failed. The last swing high was formed near $10,513 and the price is currently declining. It traded below the $10,400 level plus 23.6% Fib retracement level of the recent leg from the $9,998 low to $10,513 high.
On the downside, there is a decent support forming near the $10,250 and $10,200 levels. Additionally, there is a connecting bullish trend line forming with support near $10,250 on the hourly chart of the BTC/USD pair. Bitcoin price might also find strong bids near the $10,225 level and the 100 hourly SMA. If the bulls fail to defend the $10,200 support, the price could decline back to $10,000.
On the upside, the price is clearly facing a strong resistance near the $10,500 and $10,600 levels. Therefore, a convincing break above the $10,600 level is needed for the bulls to gain traction. In the mentioned case, the price could accelerate higher towards the $10,800 and $11,000 resistance levels.

Ethereum Uptrend Remains Strong as Bitcoin Falters
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Ethereum (ETH) has been incurring significant upwards momentum over the past several days and weeks and has been able to sustain its upwards momentum despite the drop in the aggregated crypto markets that occurred...

The post Ethereum Uptrend Remains Strong as Bitcoin Falters appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price is approaching a crucial breakout point and it could either climb above $10,600 or start a fresh decline below $10,200. As long as there is no close above $10,500 and $10,600, the price remains at a risk of more losses. The main supports below $10,200 are near $10,000 and $9,800.
Technical indicators:
Hourly MACD – The MACD is likely to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $10,200 followed by $10,200.
Major Resistance Levels – $10,500, $10,600 and $10,650.
The post Bitcoin (BTC) Price Could Accelerate If It Breaks $10,600 appeared first on NewsBTC.

On-Chain Metrics May Point to Underlying Bullishness for Bitcoin
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The post On-Chain Metrics May Point to Underlying Bullishness for Bitcoin appeared first on 12bitplay - Bitcoin Play.

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