Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

Bitcoin price started a decent upside correction after trading as low as $9,784 against the US Dollar.
The price traded above the $10,500 and $10,800 resistance levels to start the recent recovery.
Yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is now facing a strong resistance near the $11,000 and $11,100 resistance levels.

Ethereum (ETH) Turned Sell On Rallies, What’s Next?
Thursday December 12, 2019

Ethereum is down more than 2% and it broke the $142 support area against the US Dollar. The price is currently correcting higher, but it could face hurdles near $142 and $144. Yesterday’s major...

The post Ethereum (ETH) Turned Sell On Rallies, What’s Next? appeared first on 12bitplay - Bitcoin Play.

Bitcoin price started a strong recovery above $10,500 against the US Dollar. However, BTC is still struggling to settle above $11,000 and it could resume its decline in the near term.
Bitcoin Price Analysis
Recently, we saw a significant decline in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair also spiked below the $10,000 support and settled below the 100 hourly simple moving average. A new monthly low was formed near $9,784 and the price recently started an upside correction. There was a strong upward move above the $10,300 and $10,500 resistance levels.
Moreover, the price traded above the 23.6% Fib retracement level of the last key drop from the $11,923 high to $9,784 low. Additionally, yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair. The pair even spiked above the 50% Fib retracement level of the last key drop from the $11,923 high to $9,784 low.
However, the price struggled to hold gains above the $11,000 resistance level. It seems like the $11,100 level and the 100 hourly SMA acted as a hurdle. Besides, the 61.8% Fib retracement level of the last key drop from the $11,923 high to $9,784 low also prevented gains. At the moment, the price is correcting gains below the $10,900 level. It seems like there is a breakout pattern forming with resistance near $11,100 on the same chart.
If there is a successful close above the $11,100 resistance and the 100 hourly SMA, there could be a convincing upward move towards the $11,500 resistance. Conversely, if there is no close above $11,000 and $11,100, the price is likely to resume its slide in the near term.

Why Bitcoin’s Plunge to $6,500 Might Have Been the Bottom
Thursday December 12, 2019

Bitcoin has had a crazy past 12 months. Since bottoming at $3,150 on December 15th, 2018, the cryptocurrency has bounced back. Hard. By June, a coin was trading for $14,000 a piece, up hundreds...

The post Why Bitcoin’s Plunge to $6,500 Might Have Been the Bottom appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price is clearly facing a strong resistance near the $11,000 and $11,100 levels. As long as the price is below $11,100 and the 100 hourly SMA, the bears remain in control. Therefore, BTC is likely to resume its downward move.
Technical indicators:
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD settled above the 50 level, but it lacking momentum.
Major Support Levels – $10,500 followed by $10,000.
Major Resistance Levels – $11,000, $11,100 and $11,500.
The post Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery appeared first on NewsBTC.

Rat Poison? Millennial Investors Prefer Bitcoin To Buffett’s Berkshire Hathaway
Wednesday December 11, 2019

Bitcoin has in the past been called a Ponzi scheme, a scam, a tool for money laundering and criminal activities, and even has been dubbed rat poison by the Oracle of Omaha himself, Warren...

The post Rat Poison? Millennial Investors Prefer Bitcoin To Buffett’s Berkshire Hathaway appeared first on 12bitplay - Bitcoin Play.

You may also like...