{"id":433361,"date":"2020-08-05T03:48:42","date_gmt":"2020-08-05T03:48:42","guid":{"rendered":"https:\/\/ktsl888.com\/?p=433361"},"modified":"2024-06-11T14:06:05","modified_gmt":"2024-06-11T14:06:05","slug":"bitcoin-topside-bias-vulnerable","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-topside-bias-vulnerable\/","title":{"rendered":"Bitcoin Topside Bias Vulnerable Unless It Surges Past 100 SMA"},"content":{"rendered":"<p><em>Bitcoin is struggling to gain bullish momentum above $11,300 against the US Dollar. BTC could extend its decline unless it surges past the 100 hourly SMA.<\/em><\/p>\n<ul>\n<li>Bitcoin is facing a strong resistance near the $11,300 and $11,400 levels.<\/li>\n<li>The price is now trading well below the $11,400 level and the 100 hourly simple moving average.<\/li>\n<li>There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to remain well bid near the $11,000 and $10,840 levels in the near term.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Facing Hurdles<\/h2>\n<p>In the past few sessions, <a href=\"https:\/\/ktsl888.com\/2020\/08\/04\/bitcoin-price-rally-above-11500\/\" target=\"_blank\" rel=\"noopener \">bitcoin price struggled to gain bullish momentum<\/a> above the $11,300 and $11,400 levels against the US Dollar. The last swing high was near $11,374 before BTC started a steady decline.<\/p>\n<p>It traded below the $11,200 level and settled well below the 100 hourly simple moving average. The recent low was near $11,035 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low.<\/p>\n<p>The <a href=\"https:\/\/ktsl888.com\/2020\/08\/03\/bitcoin-holding-strong-at-11k\/\" target=\"_blank\" rel=\"noopener \">price is currently facing hurdles<\/a> near the $11,200 level. There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1942\" height=\"1143\" class=\"alignnone size-full wp-image-433362\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?resize=1942%2C1143\" alt=\"Bitcoin\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=1942 1942w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price trades above $11,200. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>Above the channel resistance, the $11,250 is a key hurdle. The 50% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low is also near the $11,250 level to act as a hurdle. The main hurdle is still near the $11,350 and $11,400 levels.<\/p>\n<p>A successful close above the $11,400 level is needed for a fresh increase since it is close to the 100 hourly simple moving average. In the mentioned case, the price could rally towards the $11,600 and $11,800 levels.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>If bitcoin fails to clear the channel resistance or the 100 hourly SMA, there is a risk of a sharp decline below the $11,000 support level.<\/p>\n<p>A clear break below the $11,000 support level could lead the price towards the $10,850 support zone. The next major support is near the $10,550 level, where the bulls are likely to take a stand.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $11,000, followed by $10,850.<\/p>\n<p>Major Resistance Levels \u2013 $11,250, $11,350 and $11,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is struggling to gain bullish momentum above $11,300 against the US Dollar. BTC could extend its decline unless it surges past the 100 hourly SMA. Bitcoin is facing a strong resistance near the $11,300 and $11,400 levels. The price is now trading well below the $11,400 level and the 100 hourly simple moving average. There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to remain well bid near the $11,000 and $10,840 levels in the near term. Bitcoin Price is Facing Hurdles In the past few sessions, bitcoin price struggled to gain bullish momentum above the $11,300 and $11,400 levels against the US Dollar. The last swing high was near $11,374 before BTC started a steady decline. It traded below the $11,200 level and settled well below the 100 hourly simple moving average. The recent low was near $11,035 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low. The price is currently facing hurdles near the $11,200 level. There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC\/USD pair. Bitcoin price trades above $11,200. Source: TradingView.com Above the channel resistance, the $11,250 is a key hurdle. The 50% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low is also near the $11,250 level to act as a hurdle. The main hurdle is still near the $11,350 and $11,400 levels. A successful close above the $11,400 level is needed for a fresh increase since it is close to the 100 hourly simple moving average. In the mentioned case, the price could rally towards the $11,600 and $11,800 levels. Downside Break in BTC? If bitcoin fails to clear the channel resistance or the 100 hourly SMA, there is a risk of a sharp decline below the $11,000 support level. A clear break below the $11,000 support level could lead the price towards the $10,850 support zone. The next major support is near the $10,550 level, where the bulls are likely to take a stand. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently rising towards the 50 level. Major Support Levels \u2013 $11,000, followed by $10,850. Major Resistance Levels \u2013 $11,250, $11,350 and $11,400.<\/p>\n","protected":false},"author":67,"featured_media":433363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-433361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Topside Bias Vulnerable Unless It Surges Past 100 SMA<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to gain bullish momentum above $11,300 against the US Dollar. 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